Nominal Gross Domestic Product is

· current production at past (previous) prices

· quantity demanded x quantity supplied

· the total market value of goods and services produced, measured in current prices

· the nominal gross domestic product plus the level of inflation

· only an estimate but cannot be accurately determined

33. Which one of the following is the best explanation of economic fluctuation? (BUSINESS CYCLE)

Changes in the level of national economic growth and income

Economic contraction

Economic growth

Recessions and recoveries

34. What do you call the period of economic fluctuation where growth is the highest during a business cycle?

The zenith ['zenɪθ] (высшая точка, зенит; кульминация)

The peak

The pinnacle (вершина, пик)

The boom

35. What's the name of the model economists use to explain economic fluctuations in a market economy?

Capitalism

There is no model

Keynesian economic model

Business cycle

36. What do you call the period in the business cycle where the economy is bouncing off the trough?

The ricochet ['rɪkəʃeɪ] (прыжок; отскок, рикошет)

The bounce - (прыжок; отскок)

Recovery

Rebound (скачок вверх; быстрое повышение, восстановление- syn. to Recovery)

A recovery occurs when the national income starts to grow again after being in a period of economic contraction.

37. Increasing government spending and lowering taxes does what?

Decreases aggregate demand

Creates a recession

Increases aggregate demand (Increasing spending and decreasing taxes puts money in the pockets of businesses and consumers, which tends to increase aggregate demand).

Nothing

38. Where does an economic slowdown occur in the business cycle?

At the peak

During recession

During recovery

After the peak

39. When is a market at equilibrium?

There is no such thing

When there is no consumer surplus or producer surplus

When the price is at the maximum that the market can support

When supply equals demand

40. Frohm is a high school gym teacher in the town of Ceelo. Because of the school's schedule, Frohm is unemployed during the summer months. This is an example of:

local unemployment

frictional unemployment

regional unemployment

cyclical unemployment

seasonal unemployment, which is a type of structural unemployment

41. Reggie's job was transferred to Mexico recently. However, he is unable to relocate and is therefore unemployed. This is an example of:

frictional unemployment

structural unemployment

seasonal unemployment

regional unemployment

cyclical unemployment

42. Which of the following workers would be classified as frictionally unemployed?

Frohm, a high school gym teacher who is unemployed during the summer

Brad, who lost his job at the town's swimming pool after the summer

Mandy, who left one job, and starts a new job in two months

Denny, a young teenager who is seeking a part-time job at the mall

Reggie, whose job was transferred to Mexico but cannot move there

43. Unemployment that occurs because of the ups and downs of the economy is classified as:

seasonal unemployment

national unemployment

structural unemployment

cyclical unemployment

frictional unemployment

44. When Cindy graduates from college, she begins looking for work. It takes her four months to land a new job. During this time Cindy is:

regionally unemployed

cyclically unemployed

frictionally unemployed

structurally unemployed

seasonally unemployed

45. Which of the following workers is most likely to be classified as structurally unemployed?

Matt, an unemployed worker whose skills are now obsolete (outdated).

Dana, who was out of work but will start a new job after relocating.

Frohm a high school gym teacher who is unemployed during the summer.

Denny, a teenager who is seeking a part-time job at the mall.

Cindy, a recent graduate of college, who is looking for her first job.

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