Chapter 36
History of Business Cycles and Human Misery
393. What does the term,
a. someone who is unemployed.
b. someone who wants to work but has given up looking for a job.
c. someone who is working part-time but wants to work full-time.
d. someone who does not like his or her job.
394. Pablo was laid off from his job as a computer programmer 6 months ago. He drives a cab
on weekends to make ends meet, while he looks for a new permanent job as a programmer.
a. Pablo is unemployed.
b. Pablo is employed.
c. Pablo is a discouraged worker.
d. Pablo is involuntarily unemployed.
395. sion and a depression?
a. a recession is accompanied by rising prices; a depression by falling prices.
b. a recession is a major expansion in economic activity; a depression is a contraction.
c. a recession is a small downturn in output and employment; a depression is a large
downturn.
d. a recession lasts less than 3 quarters; a depression lasts longer than 3 quarters.
396. During the Great Depression, unemployment reached a high of _______ during 1933.
a. 11.2%
b. 25%
c. 41%
d. 4.8%
397. Why is the economic downturn that occurred during the 1930s called the Great Depression?
a. because it was the first recession experienced by the U.S.
b. because it was the last recession experienced by the U.S.
c. because it was the most severe recession ever experienced in the U.S.
d. because it was the shortest depression on record.
398. Business cycles
a. occur in every type of economy.
b. occur only in capitalism.
c. occur in capitalism and feudalism.
d. occur only in socialism
399. What is a business cycle?
a. the length of time a business can sell a product before it becomes obsolete.
b. the length of time it takes a business to take a product from the development stage to the
mass market stage.
c. the ups and downs of the economy as measured by GDP growth, employment and profits.
d. the response of the economy to disturbances resulting from outside shocks.
400.
a. an increase in economic activity measured by output, employment and profits.
b. an increase in market share by an oligopoly.
c. foreign investment
d. a new team in professional sports.
401.
a. a downturn in economic activity
b. a loss of market share by a corporation.
c. closing a factory resulting in a major layoff.
d. a credit crunch.
402. During the 20th century, the US experienced approximately
a. 3 recessions.
b. 9 recessions
c. 20 recessions
d. 74 recessions