Macroeconomics
10th Edition
ISBN: 9780134896441
Author: ABEL, Andrew B., BERNANKE, Ben, CROUSHORE, Dean Darrell
Publisher: PEARSON
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Question
Chapter 8, Problem 2RQ
To determine
To Explain: The term comovement and its relationship to the phases of a business cycle.
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What is comovement? How is comovement related tothe business cycle facts presented in this chapter?
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.
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Question 3
What is the traditional way economists measure the standard of living? What are some problems with using this measure?
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- Why do you think macroeconomists focus on just a few key statistics when trying to understand the health and trajectory of an economy? Would it be better to try to make use of all possible data?arrow_forwardLabel the graph in Figure 1 with all of the parts of the business cycle.arrow_forwardDiscuss in depth the three instruments used to determine the "health" or performance of our economy. Be sure to include the equation or index used measure them, why they are important, and how they affect the business cycle.arrow_forward
- Differentiate the four phases of business cycle. Explain each phase with the help of diagram.arrow_forwardWhy do economists and managers pay attention to the measurements of macroeconomic activity? several elements of these measurements such as durable goods, non-durable goods, etcarrow_forwardWithout using real data, draw a graph showing how real GDP changes over a business cycle. Label and briefly describe each of the phases of a business cycle on your graph (recession, trough, expansion, peak).arrow_forward
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