a period of economic growth followed by economic contraction ( 1 point) the amount of time it takes a business to produce its products. To ensure the best experience, please update your browser.All of the following are examples of a durable good EXCEPT aThe basic measure of a nation's economic growth rate is thepercentage change of real GDP over a given period of timeThe stage in a business cycle when real GDP stops falling isWhich of the following is an example of an intermediate good?The most important measure in national income accounting isWhen you subtract sales and excise taxes from the net national product, you have calculated theThe proportion of disposable income that is saved is calledWhat is the best measure of a nation's standard of living?a period of economic growth followed by economic contractionBusiness investment, interest rates and credits, consumer expectations, and external shocks are the four main factors that affectTo calculate disposable personal income, you take personal income and subtractA decline in real GDP combined with a rise in the price level is known asThe annual income earned by U.S.-owned firma and U.S. citizens is known asThe process of increasing the amount of capital per worker is calledDuring the contraction phase of the business cycle, GDP Prices tend to fall. The attacks clearly deepened the contraction and may have been an important factor in turning the episode into a recession.” While surprising at the time, the revised data suggest that the committee made a good call.This episode in economic history also points out the difference between the common definition of a recession as two consecutive quarters of declining real GDP and the NBER Dating Committee’s continued insistence that it does not define a recession in this way. This process continues as long as economic conditions are favorable for expansion.The economy then reaches a saturation point, or peak, which is the second stage of the business cycle. In large part, that avoids problems when data released about the economy are revised, and the committee avoids having to reverse itself on its determination of when a recession begins or ends, something it has never done. Below is a more detailed description of each stage in the business cycle:The first stage in the business cycle is expansion. We break down the GDP formula into steps in this guide. The law of supply depicts the producer’s behavior when the price of a good rises or falls.Normative economics is a school of thought which believes that economics as a subject should pass value statements, judgments, and opinions on economic policies, statements, and projects. Budgeting. B) expansion. Real GDP then falls during a period of recession. What is a business cycle? When the economy is at its peak or has continuous growth, the rate of cyclical unemployment is lowInelastic demand is when the buyer’s demand does not change as much as the price changes. The recovery phase is said to be the period between the previous trough and the time when the economy achieves its previous peak level of real GDP. The growth in the economy continues to decline, and as this falls below the steady growth line, the stage is called depression.In the depression stage, the economy’s growth rate becomes negative. D) expansion. of the business cycle. In this phase, there is a turnaround from the trough and the economy starts recovering from the negative growth rate. What is a recession? The market value of all final goods and services produced can rise even if total output falls. How to produce? B) peak. If we counted the value of the flour and the value of the pizza, we would end up counting the flour twice and thus overstating the value of total production. The point on a business cycle when real GDP stops falling and begins rising is a(n) A) recession. For Whom to produce?3 basic economic questions that all economies must answeran economic system that relies on habit, custom, or ritual to decide the three key economic questionsan economic system in which the government makes all decision on the three key economic questionsan economic system in which individuals own the factors of production and make economic decisions through free interaction while looking out for their own and their families' best interest without government interferencea market-based economic system in which the government is involved to some extentrule that states consumer will buy more of a good when its price is lower and less when its price is higherrule that states producers offer more of a good as its price increases and less as its price fallsrule that states that the additional satisfaction a consumer gets from purchasing and/or consuming one more unit of a product will lessen with each additional unit purchasedthe price at which the amount producers are willing to supply is equal to the amount consumers are willing to buysituation in which the quantity demanded is greater than the quantity supplied at the current pricesituation in which the quantity supplied is greater than the quantity demanded at the current pricea business owned and operated by two or more peoplea business organization owned by many people, but treated by law as though it were a persona market structure in which a single supplier makes up an entire industry for a good or servicea market structure in which a few large firms dominate a marketa market structure in which a large number of firms all produce the same product and no single seller controls supply or pricea market in which many companies sell products that are similar but not identicalthe total dollar value of all final goods and services produced in the nation in a single yeara price index determined by measuring the price of a standard group of goods meant to represent the "market basket" of a typical urban consumerthe total amount of money available for an individual or population to spend or save after taxes have been paida prolonged rise in the general price levels of final goods and servicesa decline in real GDP combined with a rise in the price levela period of economic growth as measured by a rise in real GDP - part of the business cyclethe height of an economic expansion, when real GDP stops rising - part of the business cyclea period of economic decline marked by falling real GDP - part of the business cyclethe lowest point of an economic contraction, when real GDP stops falling - part of the business cyclethe ability of money to withstand, wear, pressure, or damagethe function of money in which money keeps its value if it is stored rather than spentthe function of money in which money is used to determine value during the exchange of goods and servicesthe function of money in which money is used as a means for comparing the values of goods and servicesmoney that has value as a commodity, such as tobacco or cattlemoney that is backed by an item of value, such as gold or silvera machine that automatically provides cash and performs other banking services on insertion of a special card by the account holderthe transfer of funds from one bank account directly to another without any paper money trading handsa certificate issued by a bank to a person depositing money for a specified length of timea card entitling its owner to buy goods and services based on the owner's promise to pay for those goods and servicesa device used to make cashless purchases in which money is electronically withdrawn from the consumer's checking account and transferred directly to the store's bank accountthe actions of the President and Congress to use spending and revenue collection to influence the economythe actions of the Federal Reserve to influence the level of real GDP and the rate of inflation in the economythe number of members on the Federal Reserve Board of Governors, appointed by the President and approved by the Senatemonetary policy that makes credit inexpensive, money abundant, and may lead to inflationmonetary policy that makes credit expensive, money scarce, and may lead to unemploymentthe major monetary policy tool used by the Federal Reserve to control the money supply - includes the buying and selling of Treasury bonds, bills, and notesthe amount of money that banks are required to keep on handthe interest rate that the Federal Reserve charges commercial banks for loansa system of federal financial support for retired workers and workers unable to continue working because of a disabilitya federal program of health insurance for persons 65 years of age and oldera form of insurance providing wage replacement and medical benefits to employees injured in the course of employmentan economic activity that affects an involved third party - ex.
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