ECO3041 - Ch 10 Review Qs

ECO3041 - Ch 10 Review Qs - Chapter 10 Review Questions...

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Chapter 10 Review Questions Questions: 1. The phase of the business cycle in which real GDP declines is called: A) the peak. B) an expansion. C) a recession. D) the trough. 2. Recurring upswings and downswings in an economy's real GDP over time are called: A) recessions. B) business cycles. C) output yo-yos. D) total product oscillations. 3. Economic growth is best defined as an increase in: A) either real GDP or real GDP per capita. B) nominal GDP. C) total consumption expenditures. D) wealth in the economy. Answer the next question(s) on the basis of the following information about the hypothetical economy of Scoob. All figures are in millions. N o t i n t h e l a b o r f o r c e 4 5 U n e m p l o y e d 7 T o t a l p o p u l a t i o n 1 4 5 E m p l o y e d 9 5 D i s c o u r a g e d w o r k e r s 3 4. Refer to the above information. The labor force in Scoob is: A) 95 million. B) 102 million. C) 105 million. D) 145 million. 5. Refer to the above information. The unemployment rate in Scoob is: A) 2.5 percent.
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This note was uploaded on 01/22/2012 for the course ECO 3041 taught by Professor Dacal during the Fall '11 term at FIU.

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ECO3041 - Ch 10 Review Qs - Chapter 10 Review Questions...

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