Watch the following videos to understand Supply & Demand:
Question 1
1.
Economists recognize that the economy doesn't grow smoothly, but in regular patterns. They refer to this as:
Question 2
2.
The business cycle has two phases and two turning points, as follows
Question 3
3.
The business cycle can be affected by static effects such as:
Question 4
4.
The business cycle can be affected by shocks such as
Question 5
5.
During a recession, economic output
Question 6
6.
At the expansion phase of a business cycle,
Question 7
7.
At the contractionary phase of a business cycle,
Question 8
8.
According to the chart below , what was the unemployment rate during the peak of the business cycle?
Question 9
9.
According to the chart below, based on Real GDP, what year did we find ourselves in a recession?
Question 10
10.
According to the chart below, based on Real GDP, what stage of the business cycle were we in between the end of the year in1994 and and the end of the year 1995?