This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Business Cycles > Business Cycles – Quiz 12 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Cycles Quiz 12 (7 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Measurement of physical output for each unit of input used; usually referring to labor hours A) Productivity. B) Equity. C) Dividends. D) Opportunity Cost. Show Answer Correct Answer: A) Productivity. 2. Which term describes the phases of expansion and contraction in an economy over time? A) Recessions. B) Prosperity. C) Total product oscillations. D) Business cycles. Show Answer Correct Answer: D) Business cycles. 3. Which of the following is an advantage of a divisional structure? A) It often increases efficiency. B) It frees headquarter staff from being concerned with everyday activities. C) It helps reduce costs. D) It can create duplication of activities and resources. Show Answer Correct Answer: B) It frees headquarter staff from being concerned with everyday activities. 4. The trade in exotic animals being illegally sold as pets is a multi-billion-dollar-a-year industry. Is this included in GDP? A) Yes-Consumer spending. B) Yes-Government Spending. C) No-Underground Economy. D) No-Non-market activity. Show Answer Correct Answer: C) No-Underground Economy. 5. How does a business benefit from the recovery phase of the business cycle? A) Increased consumer confidence, higher demand for goods and services, and potential for decreased profits. B) Decreased consumer confidence, lower demand for goods and services, and potential for decreased profits. C) Stagnant consumer confidence, stable demand for goods and services, and potential for decreased profits. D) Increased consumer confidence, higher demand for goods and services, and potential for increased profits. Show Answer Correct Answer: D) Increased consumer confidence, higher demand for goods and services, and potential for increased profits. 6. Which of the following shifts aggregate supply to the right? A) A decrease in the money supply. B) Technology that increases the profitability of goods. C) The repeal of an investment tax credit. D) A decrease in the price level. Show Answer Correct Answer: B) Technology that increases the profitability of goods. 7. What is the correct formula for calculating the unemployment rate in the US? A) #unemployed/labor force x100. B) #labor force/working age population x100. C) #unemployed/#employed x100. D) #labor force/60, 000 (BLS household survey. Show Answer Correct Answer: A) #unemployed/labor force x100. ← PreviousRelated QuizzesMacroeconomics QuizzesEconomics QuizzesBusiness Cycles Quiz 1Business Cycles Quiz 2Business Cycles Quiz 3Business Cycles Quiz 4Business Cycles Quiz 5Business Cycles Quiz 6Business Cycles Quiz 7Business Cycles Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books