Exam (elaborations) TEST BANK FOR Macroeconomics 9th Edition & Global
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TEST BANK FOR Macroeconomics 9th Edition & Global
Institution
Maastricht University (UM)
Exam (elaborations) TEST BANK FOR Macroeconomics 9th Edition & Global
One of the first organizations to investigate the business cycle was
A) the Federal Reserve System.
B) the National Bureau of Economic Research.
C) the Council of Economic Advisors.
D) the Brookings Institution.
Answ...
, Macroeconomics, 9e, Global Edition (Abel/Bernanke/Croushore)
Chapter 8
Business Cycles
8.1
1) One of the first organizations to investigate the business cycle was
A) the Federal Reserve System.
B) the National Bureau of Economic Research.
C) the Council of Economic Advisors.
D) the Brookings Institution.
Answer: B
2) The entire sequence of a decline in aggregate economic activity followed by recovery, measured
from peak to peak or trough to trough is a
A) long-run trend.
B) potential output path.
C) business cycle.
D) recurrent comovement.
Answer: C
3) A detailed history of business cycles is known as a
A) historical decomposition.
B) trend analysis.
C) Hodrick—Prescott filter.
D) business cycle chronology.
Answer: D
,4) The dates of turning points are determined by a committee
from the A) FBI. B) BLS. C) BEA. D) NBER.
Answer: D
5) Business cycles all display the following characteristics except
A) a period of expansion followed by one of contraction.
B) comovement of many economic variables.
C) rising prices during an expansion and falling prices during the contraction.
D) they last a period of one to twelve years.
Answer: C
6) The trough of a business cycle occurs when ________ hits its lowest point.
A) inflation B) the money supply C) aggregate economic activity D) the unemployment rate Answer:
C
7) The low point in the business cycle is referred to as the
A) expansion. B) boom. C) trough. D) peak.
Answer: C
8) When aggregate economic activity is increasing, the economy is
said to be in
A) an expansion. B) a contraction. C) a peak. D) a turning point.
Answer: A
9) The high point in the business cycle is referred to as the
A) turning point. B) peak. C) boom. D) trough.
Answer: B
, 10) When aggregate economic activity is declining, the economy is said
to be in
A) a contraction. B) an expansion. C) a trough. D) a turning point. Answer:
A
11) Peaks and troughs of the business cycle are known collectively as
A) volatility. B) turning points. C) equilibrium points. D) real business cycle events. Answer:
B
12) Turning points in business cycles occur when
A) a new business cycle is initiated at the trough.
B) the economy hits the peak or trough in the business cycle.
C) the business cycle begins to follow a new pattern that differs from previous business cycles.
D) a new business cycle is initiated at the peak.
Answer: B
13) Who officially determines whether the economy is in a recession or expansion?
A) The president of the United States
B) The U.S. Congress
C) The Federal Reserve Board of Governors
D) The National Bureau of Economic Research
Answer: D
14) Which group within the National Bureau of Economic Research officially determines whether the
economy is in a recession or expansion?
A) The G-4
B) The Business Cycle Dating Committee
C) The Business Cycle Governors
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