2020 -- Quiz 5 - Name: _ _ ECO 2020 (902) 11656 University...

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Name: __________________________________________ Date: _________________ ECO 2020 (902) 11656 QUIZ 5 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 text defines economic fluctuations as A) the rise and fall of real GDP. B) periods of time when there is excessive GDP volatility. C) periods of time when the economy is either in a recession or a boom. D) departure of the economy from its long-term growth trend. E) the rise and fall of unemployment. Use the following to answer questions 2-3: Page 1
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2. According to the graph, which of the following is true ? A) All recessions are of the same duration. B) In normal times, real GDP is above potential GDP. C) Aggregate demand fell from year B to year D. D) Potential GDP fell from year B to year D. E) Unemployment rose from year D to year F. 3. According to the graph, which of the following best explains the change in real GDP from year B to year D? A) The available supply of labor fell. B)
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This note was uploaded on 03/11/2012 for the course ECO 2020 taught by Professor Huang during the Winter '12 term at Wayne State University.

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2020 -- Quiz 5 - Name: _ _ ECO 2020 (902) 11656 University...

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