Question 1

Whats defention of terms:
-expansion

Accepted Answer

The answer of Whats defention of terms:
-expansion...

Question 2

Discuss how and when business cycles began and how business cycles have spread over the whole world.
-When and where did the modern business cycle begin?

Accepted Answer

The answer of Discuss how and when business cycles began...

Question 3

Business cycles

Accepted Answer

A)   occur in every type of economy.
B)   occur only in capitalism.
C)   occur in capitalism and feudalism.
D)   occur only in socialism

Question 4

What is an "expansion?"

Accepted Answer

A)   an increase in economic activity measured by output, employment and profits.
B)   an increase in market share by an oligopoly.
C)   foreign investment
D)   a new team in professional sports.

Question 5

What is a business cycle?

Accepted Answer

A)   the length of time a business can sell a product before it becomes obsolete.
B)   the length of time it takes a business to take a product from the development stage to the mass market stage.
C)   the ups and downs of the economy as measured by GDP growth, employment and profits.
D)   the response of the economy to disturbances resulting from outside shocks.

Question 6

Describe the "costs" of recessions and depressions.
-Does the official unemployment rate tell the whole story about how much unemployment exists?

Accepted Answer

The answer of Describe the "costs" of recessions and depressions.
-Does...

Question 7

Pablo was laid off from his job as a computer programmer 6 months ago. He drives a cab on weekends to make ends meet, while he looks for a new permanent job as a programmer.

Accepted Answer

A)   Pablo is unemployed.
B)   Pablo is employed.
C)   Pablo is a discouraged worker.
D)   Pablo is involuntarily unemployed.

Question 8

Give examples of expansions and recessions throughout history and explain the effects that are common to all recessions.
-Were there recessions or expansions in pre-capitalist societies? Explain.

Accepted Answer

The answer of Give examples of expansions and recessions throughout...

Question 9

Whats defention of terms:
-social losses

Accepted Answer

The answer of Whats defention of terms:
-social losses...

Question 10

Describe the "costs" of recessions and depressions.
-What other points must be considered?

Accepted Answer

The answer of Describe the "costs" of recessions and depressions.
-What...

Question 11

During the Great Depression, unemployment reached a high of _______ during 1933.

Accepted Answer

A)   11.2%
B)   25%
C)   41%
D)   4.8%

Question 12

Whats defention of terms:
-microeconomics

Accepted Answer

The answer of Whats defention of terms:
-microeconomics...

Question 13

What is a "contraction?"

Accepted Answer

A)   a downturn in economic activity
B)   a loss of market share by a corporation.
C)   closing a factory resulting in a major layoff.
D)   a credit crunch.

Question 14

Whats defention of terms:
-macroeconomics

Accepted Answer

The answer of Whats defention of terms:
-macroeconomics...

Question 15

Describe the "costs" of recessions and depressions.
-What do employees lose?

Accepted Answer

Employees may lose jobs and/or income

Question 16

Whats defention of terms:
-business cycle

Accepted Answer

The answer of Whats defention of terms:
-business cycle...

Question 17

Whats defention of terms:
-contraction

Accepted Answer

The answer of Whats defention of terms:
-contraction...

Question 18

Describe the "costs" of recessions and depressions.
-What do ?corporations lose?

Accepted Answer

The answer of Describe the "costs" of recessions and depressions.
-What...

Question 19

What's the difference between a recession and a depression?

Accepted Answer

A)   a recession is accompanied by rising prices; a depression by falling prices.
B)   a recession is a major expansion in economic activity; a depression is a contraction.
C)   a recession is a small downturn in output and employment; a depression is a large downturn.
D)   a recession lasts less than 3 quarters; a depression lasts longer than 3 quarters. C

Question 20

What does the term, "discouraged worker," mean?

Accepted Answer

A)   someone who is unemployed.
B)   someone who wants to work but has given up looking for a job.
C)   someone who is working part-time but wants to work full-time.
D)   someone who does not like his or her job. B

Exam 36: History of Business Cycles and Human Misery

Whats defention of terms: -expansion

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Discuss how and when business cycles began and how business cycles have spread over the whole world. -When and where did the modern business cycle begin?

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Business cycles

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What is an "expansion?"

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What is a business cycle?

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Describe the "costs" of recessions and depressions. -Does the official unemployment rate tell the whole story about how much unemployment exists?

Correct AnswerverifiedShow Answer

Pablo was laid off from his job as a computer programmer 6 months ago. He drives a cab on weekends to make ends meet, while he looks for a new permanent job as a programmer.

Correct AnswerverifiedShow Answer

Give examples of expansions and recessions throughout history and explain the effects that are common to all recessions. -Were there recessions or expansions in pre-capitalist societies? Explain.

Correct AnswerverifiedShow Answer

Whats defention of terms: -social losses

Correct AnswerverifiedShow Answer

Describe the "costs" of recessions and depressions. -What other points must be considered?

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During the Great Depression, unemployment reached a high of _______ during 1933.

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Whats defention of terms: -microeconomics

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What is a "contraction?"

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Whats defention of terms: -macroeconomics

Correct AnswerverifiedShow Answer

Describe the "costs" of recessions and depressions. -What do employees lose?

Correct AnswerverifiedEmployees may lose jobs and/or income

Whats defention of terms: -business cycle

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Whats defention of terms: -contraction

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Describe the "costs" of recessions and depressions. -What do ?corporations lose?

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What's the difference between a recession and a depression?

Correct AnswerverifiedC

What does the term, "discouraged worker," mean?

Correct AnswerverifiedB

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Employees may lose jobs and/or income

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C

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B