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Lecture Notes for ECON 2020 - Principles Of Macroeconomics with Hueng at Western Michigan (WMU)

Notes Information

Material Type:Review Sheet
Professor:Hueng
Class:ECON 2020 - Principles Of Macroeconomics
Subject:Economics
University:Western Michigan University
Term: 2009
Keywords:
  • Discouraged Workers
  • Unemployment
  • Quality Change
  • Structural Unemployment
  • Working-Age Population
  • Full/part-Time
  • Economic Expansion
  • Unemployment Rate
  • The Economy
  • Substitution Bias
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Sample Document Text

ECON 202 Chapter 5 Review Sheets Professor C. James Hueng 1) A business cycle is the A) pattern of short-run upward and downward movements in production and jobs. B) increase in consumer spending that accompanies an increase in disposable income. C) cyclical change in the nation's balance of trade. D) cyclical movement in the interest rates. 2) Which of the following are parts of the business cycle? A) peak and potential GDP B) real GDP and potential GDP C) recession and expansion D) inflation and recession 3) A popular working definition of a recession is a period with A) negative growth rate in real GDP that lasts at least one quarter. B) positive growth rate in real GDP that lasts at least one quarter. C) positive growth rate in real GDP that lasts at least two quarters. D) negative growth rate in real GDP that lasts at least two quarters. 4) The bottom or low point of a recession just before an expansion begins is called A) the trough. B) the contraction. C) the peak. D) the pits. 5) An ex...

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