Daytona State College - ACG 2022 Chapter 5 quiz 1)An economic recovery that produces too few jobs to significantly reduce the unemployment rate is known as a(n): Question 1 options: a)  recession

a) 

recession.

b) 

unemployment trap.

c) 

microeconomic problem.

d) 

jobless recovery.

a) 

jobless recoveries.

b) 

the Industrial Revolution.

c) 

the Internet boom.

d) 

the Great Depression.

a) 

a period lasting about 50 years.

b) 

identical to the consumption life cycle.

c) 

the periodic fluctuation of economic activity.

d) 

the engine of economic growth.

a) 

incomes fall.

b) 

people become pessimistic.

c) 

inflation drops.

d) 

unemployment drops.

a) 

is a nonprofit research organization that dates business cycles in the United States.

b) 

is a nonprofit research organization that only determines when recessions begin.

c) 

consists of elected officials from the U.S. Senate.

d) 

is a government agency that dates business cycles in the United States.

a) 

is a weighted average of 85 indicators of national economic activity.

b) 

is produced by the NBER.

c) 

is a measure of unemployment and participation in the labor force.

d) 

is a weighted average of estimates of economic activity by the National Bureau of Economic Research (NBER) and the Bureau of Economic Activity (BEA).

a) 

the Federal Reserve Board of Governors

b) 

the U.S. Treasury Department

c) 

the National Bureau of Economic Research

d) 

the Council of Economic Advisers

a) 

compare U.S. income and output to that of other nations.

b) 

let economists judge our nation's economic performance.

c) 

track changes in income distribution.

d) 

track the economy's condition over the course of the business cycle.

a) 

expenditure and income.

b) 

survey and nonsurvey.

c) 

statistical and nonstatistical.

d) 

income and earnings.

a) 

final goods and services sold in the United States.

b) 

intermediate goods produced in the United States by labor and property.

c) 

final goods and services produced in the United States by labor and property.

d) 

final and intermediate goods and services produced in the United States by labor and property.

a) 

personal calculated expenditure.

b) 

total spending.

c) 

personal computed expenditure.

d) 

personal consumption expenditure.

a) 

gross private domestic investment.

b) 

net business spending.

c) 

total business spending.

d) 

net investment in durables.

a) 

25%

b) 

10%

c) 

70%

d) 

50%

a) 

government spending

b) 

personal consumer spending

c) 

imports

d) 

exports

a) 

gross private domestic investment.

b) 

net exports.

c) 

personal consumption expenditures.

d) 

government purchases of goods and services.

a) 

government spending

b) 

exports

c) 

net exports

d) 

imports

a) 

Government expenditures; net exports

b) 

Personal consumption expenditures; gross private domestic investments

c) 

Government expenditures; gross private domestic investments

d) 

Personal consumption expenditures; government expenditures

a) 

It is largely unmeasured.

b) 

It does not include transactions dealing with illegal goods and services.

c) 

It does not include income earned by undocumented residents.

d) 

It is around 20% of U.S. GDP.

a) 

GDP = C + I + G + (X – M)

b) 

Y = C + S

c) 

total spending = total income

d) 

GDP = net domestic product + depreciation

a) 

investments, nondurables, and services.

b) 

compulsive, impulsive, and deliberate.

c) 

durables, nondurables, and services.

d) 

investments, durables, and services.