2020 -- Quiz 3 - Name Date ECO 2020(902 11656 State...

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Name: ____________________________________________________ Date: __________________ ECO 2020 (902) 11656 QUIZ 3 Wayne State University Instructor: Jinghua Huang Fall 2011 Multiple Choice: Identify the letter of the choice that best completes the statement or answers the question. 1. The long-run upward trend in real GDP is called A) the business cycle. B) inflation. C) recession. D) economic growth. E) economic fluctuations. 2. Which of the following statements is true ? A) Real GDP fluctuates around potential GDP. B) Potential GDP fluctuates around real GDP. C) Real GDP is something like an average of GDP. D) The growth rate of potential GDP is well known and generally agreed upon. E) Real GDP cannot be any greater than potential GDP. Table 17.2 1
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3. Based on the data in Table 17.2, the recession(s) ended in which month(s)? A) July 2002 B) October 2000 and July 2002 C) October 2000 D) January 2001 E) January 2002 4. Based on the data in Table 17.2, a recession(s) occurred beginning in which month(s)? A)
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2020 -- Quiz 3 - Name Date ECO 2020(902 11656 State...

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