Business cycles occur when output
2. Which of these statements best describes a complete
individual business cycle?
3. During the business cycle, the period between the
point at which output reaches a high
andthe point at which it
reaches a low is called
4. Which of the following equals the market value of all
final goods and services produced
inan economy, stated in the
prices of a specific base year?
5. Imagine a country has a population of 210 million.
Within the country there are 95 million people who are employed
workers, 50 million people incapable of working, and 60 million
people capable of working, but not actively looking. Based on this
information, what is the unemployment rate?
6. The unemployment produced by fluctuations in economic
activity is called
7. New college graduates are most likely to
8.The natural rate of unemployment is defined as
9. The Consumer Price Index (CPI) is based
10. Unanticipated inflation is a problem for society
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