Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 7, Problem 10E
To determine
Whether there is a regular pattern to the business cycle.
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What is a business cycle? Explain the four elements of a business cycle and what happens to economic activities and conditions during each element. In your explanation, be sure to touch on the concept of a recession. Use a graph to show the different elements.
The following table gives real GDP for a small economy going through a business cycle.
Real GDP
(2009
Dollars)
Year
2010
100
2011
104
2012
103
2013
106
2014
109
2015
112
2016
111
2017
110
a) Which years are peaks?
Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to
place a check mark. For incorrect answer(s), click the option twice to empty the box.
? 2010
? 2016
? 2011
? 2012
? 2017
? 2015
? 2014
? 2013
Help
The following table gives real GDP for a small economy going through a business cycle.
Real GDP
(2009
Dollars)
Year
2010
100
2011
103
2012
103
2013
106
2014
108
2015
103
2016
102
2017
110
a) Which years are peaks?
Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to
place a check mark. For incorrect answer(s), click the option twice to empty the box.
?2010
? 2015
?2016
? 2011
?2012
?2017
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- Macmillan Learning © The graph charts the business cycle for a hypothetical economy over time. Use the terms to label all six points on the graph. GDP Time contraction Answer Bank peak expansion 4 trougharrow_forwardUse the following composition of expenditure for the economy of a country named the Republic of Tapuwa, for the year ended 2019 to answer the questions below: Show all calculations and formulae If it is predicted that the GDP will increase to 22 000 in 2020, calculate the growth rate between 2019 and 2020.arrow_forwardDraw the business cycle diagram correctly labeling the axes, expansion, peak, contraction, and trough.arrow_forward
- How do you convert a series of nominal economic data over time to real terms?arrow_forwardWhat is a business cycle? How do businesses adapt to periods of contraction and expansion?arrow_forwardWhat part of the business cycle (expansion, contraction, peak, trough) is the economy likely in based on the graph above? Describe the likely economic conditions in this economy.arrow_forward
- Label the graph in Figure 1 with all of the parts of the business cycle.arrow_forwardExplain the current phase of French economy using the business cycle diagram. What are the challenges to reach the next phase?arrow_forwardA manager checked production records and found that a worker produced 225 units while working 50 hours. In the previous week, the same worker produced 160 units while working 40 hours. a. Compute current period productivity and previous period productivity. (Round your answers to 2 decimal places.) b. Did the worker's productivity increase, decrease, or remain the same? (Round your intermediate calculations and final answer to 2 decimal places. Omit the "%% sign in your response.) Iarrow_forward
- The graph shows the annual growth rate of the GDP of the United States economy since the first quarter of 1990. 1. Based on the phases of the business cycle, how can you represent the concept on this graph? Explain.2. Without necessarily having the numerical data, what level (high or low) of unemployment could have been registered in some of the periods presented in the graph? Explain your answer indicating why.3. Without necessarily having the numerical data, what level (high or low) of inflation could have been registered in some of the periods presented in the graph? Explain your answer indicating why.4. How do you correlate your answers in the previous questions with the phases of economic cycles and their effects in the short and long term? Explain your answer.arrow_forwardBy looking at the graph what would you say the mean growth rate is over the sixteen years of Apple's revenue?arrow_forwardBased on the pictures of the graphs consulted, comment what is expected from the American economy in the next years in general terms. Are there differences in the forecasts? How do you think the state will act in the future based on the chart variables that inform us about its behavior? What will the behavior of families and companies be like? Write in an essay form after all the questions have been answered. Using these graphs provided, Answer the questions in an essay format, comparing the two.arrow_forward
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