Ready to test your Knowledge?
Try out our new practice tests completely free!
exam preparation banner icon

Economics Study Set 8

Business

Quiz 24 :

Economic Growth, Business Cycles, and Unemployment

Quiz 24 :

Economic Growth, Business Cycles, and Unemployment

search
arrow
The difference between the long-run and short-run frameworks is that the long-run framework focuses on demand while the short-run framework focuses on supply.
Free
True False
Answer:

Answer:

False

arrow
Keynesian economists believe:
Free
Multiple Choice
Answer:

Answer:

B

arrow
The laissez-faire policy prescription to eliminate unemployment was to:
Free
Multiple Choice
Answer:

Answer:

A

arrow
Laissez-faire economists favor government intervention in the market process.
True False
Answer:
arrow
Laissez-faire economists believe:
Multiple Choice
Answer:
arrow
Which of the following statements would a Classical economist of the 1930s most likely disagree with?
Multiple Choice
Answer:
arrow
Cyclical unemployment is caused by fluctuations in economic activity.
True False
Answer:
arrow
Before the Great Depression the popular view of government was:
Multiple Choice
Answer:
arrow
Policy issues of business cycles are considered in a long-run framework.
True False
Answer:
arrow
The four phases of the business cycle are, in order: peak, downturn, trough, upturn.
True False
Answer:
arrow
Keynesian economists tend to focus their analysis on:
Multiple Choice
Answer:
arrow
If the economy is in a structural stagnation, it can be expected to return to its historical trend soon.
True False
Answer:
arrow
The terms business cycle and structural stagnation can be used interchangeably.
True False
Answer:
arrow
Between 2007 and 2009, the U.S. unemployment rate rose from under 5 percent to over 8 percent. A Keynesian economist would most likely blame this increase in unemployment on:
Multiple Choice
Answer:
arrow
Which of the following explains why Keynesian economics lost influence in the 1970s?
Multiple Choice
Answer:
arrow
If the economy were producing at its potential output, then the unemployment rate would be less than the target rate of unemployment.
True False
Answer:
arrow
In the postwar era, the average business expansion has lasted about 59 months.
True False
Answer:
arrow
The unemployment rate is the percentage of people in the labor force who are both able to and looking for work but who cannot find jobs.
True False
Answer:
arrow
"Classical economist" is often used interchangeably with which term?
Multiple Choice
Answer:
arrow
The sum of the number of employed persons and the number of unemployed persons equals the civilian noninstitutional population.
True False
Answer:
Showing 1 - 20 of 124