Question 1

Progressive economists such as Wesley Mitchell

Accepted Answer

A)  showed that capitalist economies often do not produce equilibrium but do produce a business cycle with booms and busts. 
B)  claimed that the internal workings of market capitalism produce an economy without booms or busts or price inflation that the market could not correct quickly. 
C)  claimed that unemployment and inflation are caused by factors external to the economy and are not due to how the economy itself operates. 
D)  argued that aggregate demand must always equal aggregate supply at any level of supply. 
A)  showed that capitalist economies often do not produce equilibrium but do produce a business cycle with booms and busts. 
B)  claimed that the internal workings of market capitalism produce an economy without booms or busts or price inflation that the market could not correct quickly. 
C)  claimed that unemployment and inflation are caused by factors external to the economy and are not due to how the economy itself operates. 
D)  argued that aggregate demand must always equal aggregate supply at any level of supply. A

Question 2

Table 41a
  
-Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for Stage 5?

Accepted Answer

A)  $3,759.8 billion 
B)  $4,237.6 billion 
C)  $4,373.3 billion 
D)  $4,147.5 billion 
A)  $3,759.8 billion 
B)  $4,237.6 billion 
C)  $4,373.3 billion 
D)  $4,147.5 billion C

Question 3

Table 41a
  
-Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for Stage 9?

Accepted Answer

A)  $3,759.8 billion 
B)  $4,237.6 billion 
C)  $4,373.3 billion 
D)  $4,147.5 billion 
A)  $3,759.8 billion 
B)  $4,237.6 billion 
C)  $4,373.3 billion 
D)  $4,147.5 billion B

Question 4

Table 41a
  
-Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for Stage 1?

Accepted Answer

A)  $3,759.8 billion 
B)  $4,237.6 billion 
C)  $4,373.3 billion 
D)  $4,147.5 billion 
A)  $3,759.8 billion 
B)  $4,237.6 billion 
C)  $4,373.3 billion 
D)  $4,147.5 billion

Question 5

Wesley Mitchell divided the business cycle into 9 stages. Mitchell called the lowest stages of the cycle

Accepted Answer

A)  the initial peak and the initial contraction. 
B)  the initial trough and the final trough. 
C)  the cycle relative and the cycle base. 
D)  the amplitude and the capacity. 
A)  the initial peak and the initial contraction. 
B)  the initial trough and the final trough. 
C)  the cycle relative and the cycle base. 
D)  the amplitude and the capacity.

Question 6

Many economists argue that the unemployment rate tends to understate the actual amount of unemployment. Why?

Accepted Answer

A)  The unemployment rate excludes persons who work in the service sector. 
B)  The unemployment rate excludes persons who are unable to find work. 
C)  The unemployment rate excludes persons who want to work but have given up looking for a job. 
D)  The unemployment rate excludes workers who are also students. 
A)  The unemployment rate excludes persons who work in the service sector. 
B)  The unemployment rate excludes persons who are unable to find work. 
C)  The unemployment rate excludes persons who want to work but have given up looking for a job. 
D)  The unemployment rate excludes workers who are also students.

Question 7

Wesley Mitchell coined the concept of a cycle relative. What is a cycle relative?

Accepted Answer

A)  The cycle relative is defined as the average of an economic series for one whole cycle. 
B)  The cycle relative is defined as the original data in a stage divided by the number of stages. 
C)  The cycle relative is defined as the original data in a stage divided by the cycle base. 
D)  The cycle relative is defined as the relative number of stages in a cycle. 
A)  The cycle relative is defined as the average of an economic series for one whole cycle. 
B)  The cycle relative is defined as the original data in a stage divided by the number of stages. 
C)  The cycle relative is defined as the original data in a stage divided by the cycle base. 
D)  The cycle relative is defined as the relative number of stages in a cycle.

Question 8

Wesley Mitchell made a study of business cycles and found that booms and busts

Accepted Answer

A)  occur in all types of economies. 
B)  only occur under capitalism. 
C)  were more severe in the feudal period. 
D)  occur more often in a barter system. 
A)  occur in all types of economies. 
B)  only occur under capitalism. 
C)  were more severe in the feudal period. 
D)  occur more often in a barter system.

Question 9

Table 41a
  
-Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for the cycle relative for Stage 1?

Accepted Answer

A)  105.4 
B)  90.6 
C)  86.2 
D)  55.1 
A)  105.4 
B)  90.6 
C)  86.2 
D)  55.1

Question 10

Table 41a
  
-Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for the cycle base?

Accepted Answer

A)  $3,759.8 billion 
B)  $4,237.6 billion 
C)  $4,373.3 billion 
D)  $4,147.5 billion 
A)  $3,759.8 billion 
B)  $4,237.6 billion 
C)  $4,373.3 billion 
D)  $4,147.5 billion

Question 11

What is meant by the cycle base?

Accepted Answer

A)  The original data in a stage divided by the cycle relative. 
B)  The capacity utilization during the initial trough. 
C)  The average of an economic series for one whole cycle. 
D)  The lowest point of the cycle. 
A)  The original data in a stage divided by the cycle relative. 
B)  The capacity utilization during the initial trough. 
C)  The average of an economic series for one whole cycle. 
D)  The lowest point of the cycle.

Progressive economists such as Wesley Mitchell

Table 41a -Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for Stage 5?

Table 41a -Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for Stage 9?

Table 41a -Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for Stage 1?

Wesley Mitchell divided the business cycle into 9 stages. Mitchell called the lowest stages of the cycle

Many economists argue that the unemployment rate tends to understate the actual amount of unemployment. Why?

Wesley Mitchell coined the concept of a cycle relative. What is a cycle relative?

Wesley Mitchell made a study of business cycles and found that booms and busts

Table 41a -Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for the cycle relative for Stage 1?

Table 41a -Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for the cycle base?

What is meant by the cycle base?

What Is Macroeconomics and the Evolution of Capitalism

The Classical View of the Macro-Economy

The Keynesian Revolution

National Income Accounting

Classical and Keynesian Graphical Analysis

Introduction to Economic Growth

Investment and Profit, and the Multiplier

Consumer Spending, and Credit and Interest

Housing Bubble, Financial Crisis, and Government Spending, Taxes, and Deficits

The Trade Gap

Business Cycles

Globalization and the Spread of Instability

Inflation

Monetary Policy, Financial Regulation, and Debates Over Monetary Policy

Fiscal Policy: How to Stimulate the Economy

Fiscal Policy: Austerians and Deficit Hawks V Stimulus

A Road to Full Employment

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Exam 7: Introduction to Business Cycles

Progressive economists such as Wesley Mitchell

Table 41a -Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for Stage 5?

Table 41a -Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for Stage 9?

Table 41a -Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for Stage 1?

Wesley Mitchell divided the business cycle into 9 stages. Mitchell called the lowest stages of the cycle

Many economists argue that the unemployment rate tends to understate the actual amount of unemployment. Why?

Wesley Mitchell coined the concept of a cycle relative. What is a cycle relative?

Wesley Mitchell made a study of business cycles and found that booms and busts

Table 41a -Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for the cycle relative for Stage 1?

Table 41a -Table 41a gives quarterly GDP data for a complete business cycle. Using Mitchell's terminology, what is the value for the cycle base?

What is meant by the cycle base?

What Is Macroeconomics and the Evolution of Capitalism

The Classical View of the Macro-Economy

The Keynesian Revolution

National Income Accounting

Classical and Keynesian Graphical Analysis

Introduction to Economic Growth

Investment and Profit, and the Multiplier

Consumer Spending, and Credit and Interest

Housing Bubble, Financial Crisis, and Government Spending, Taxes, and Deficits

The Trade Gap

Business Cycles

Globalization and the Spread of Instability

Inflation

Monetary Policy, Financial Regulation, and Debates Over Monetary Policy

Fiscal Policy: How to Stimulate the Economy

Fiscal Policy: Austerians and Deficit Hawks V Stimulus

A Road to Full Employment

Filters