This quiz works best with JavaScript enabled. Home > Economics > Macroeconomics > Business Cycles > Business Cycles – Quiz 9 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Business Cycles Quiz 9 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The most important measurement of a nations economic activity is ..... A) Employment Rate. B) Population Control. C) Gross Domestic Product. D) Consumer Price Index. Show Answer Correct Answer: C) Gross Domestic Product. 2. During a recession, GDP does what? A) Increases for at least two quarters. B) Decreases for one month. C) Increases for one month. D) Decreases for at least two quarters. Show Answer Correct Answer: D) Decreases for at least two quarters. 3. In which of the following categories does a recession NOT cause a decline? A) Total output. B) Income. C) Tax rate. D) Employment. Show Answer Correct Answer: C) Tax rate. 4. What happens to the unemployment rate during the peak phase? A) Increasing. B) Decreasing. C) Highest. D) Lowest. Show Answer Correct Answer: D) Lowest. 5. "Prices for consumer goods down 5% this year!" This headline affects which economic indicator the most? A) Unemployment. B) Consumer Price Index. C) Productivity. D) Gross Domestic Product (GDP). Show Answer Correct Answer: B) Consumer Price Index. 6. The trend line is not a A) Business cycle. B) Macroeconomic goal. C) Both a & b. D) None of above. Show Answer Correct Answer: C) Both a & b. 7. This phase is characterized by a slightly rising GDP or things start to get better but may be marked by unemployment so there is still the great danger GDP will fall again. A) Recession. B) Recovery. C) Boom. D) Slump. Show Answer Correct Answer: B) Recovery. 8. The business cycle rises during ..... A) Rescessions. B) Expansions. C) Troughs. D) None of above. Show Answer Correct Answer: B) Expansions. 9. Implied cost of using a resource to produce a product which is equal to the income which could be received if the same resource was used to produce another product A) Productivity. B) Equity. C) Dividends. D) Opportunity Cost. Show Answer Correct Answer: D) Opportunity Cost. 10. Calculated in GDP? Income received from the sale of Tesla stock. A) Yes. B) No. Show Answer Correct Answer: B) No. 11. Calculate economic growth over the following time period. January 2017:17, 863, 023, 000, 000 January 2018:18, 323, 963, 000, 000 A) 9.74 %. B) 2.58 %. C) 4.91 %. D) 2.52 %. Show Answer Correct Answer: B) 2.58 %. 12. Representation concerning the patterns of expansion and contraction in the economy; consisting of the growth, peak, recession and trough phases A) Peak. B) Recession. C) Growth. D) Business Cycle. Show Answer Correct Answer: D) Business Cycle. 13. In order to count towards the unemployment rate, you must ..... A) Be actively searching for a job. B) Be of a working age. C) Be able to work. D) All options are true. Show Answer Correct Answer: D) All options are true. 14. GDP divided by ..... = GDP per capita A) Population. B) Income. C) Wealth. D) Production. Show Answer Correct Answer: A) Population. 15. Which of the following requires an individual to complete the same small task over and over again in order to contribute to a final project? A) Span of control. B) Work specialization. C) Multitasking. D) Chaing of command. Show Answer Correct Answer: B) Work specialization. 16. You worked as a bank teller. In recent years, more people use electronic payments instead of cash. Because of this decline in volume, the bank discontinued your position. A) Frictional. B) Structural. C) Cyclical. D) Seasonal. Show Answer Correct Answer: B) Structural. 17. If you divide the amount of unemployed workers by the total labor force and multiply by 100 ..... this will give you A) The business cycle. B) The current CPI. C) The rate of inflation. D) The Unemployment rate. Show Answer Correct Answer: D) The Unemployment rate. 18. John went to Sports Clips and purchased a haircut. Where would this show up in the GDP formula? A) Consumption (Consumer). B) Investment (Business). C) Government Spending. D) Exports-Imports. Show Answer Correct Answer: A) Consumption (Consumer). 19. Which of the following is an example of a middle manager? A) Teller at a bank. B) Director of marketing. C) Chief executive officer. D) Salesperson in a retail store. Show Answer Correct Answer: B) Director of marketing. 20. Dover Downs will sell millions of dollars of NASCAR merchandise on race weekend. Will this be included in GDP? A) Yes-Investment. B) Yes-Consumer Spending. C) No-used items. D) No-intermediate goods. Show Answer Correct Answer: B) Yes-Consumer Spending. ← PreviousNext →Related 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