5) my answer: Lagging Indicator, Real Answer Business Cycle, page 501 The business cycle is a recurring pattern in economic activity that is characterized by alternating periods of expansion and contraction.
6) My answer: Blank, Real answer: Trough, page 511 Trough is the lowest point of the business cycle.
8) My answer: Leading Indicators, Real Answer Lagging Indicators, page 506 Lagging Indicators are a set of economic factors that help economists predict the duration of economic upturns and downturns.
9) My answer capital to labor ration, real answer Labor Productivity, page 506 Labor productivity is a measure of how much each worker produces in a given period of time.
7) My answer: coincident, Real answer: leading, page 506 Leading indicators are economic factors that anticipate the expansions and contractions of the business cycle.
3) My answer: A, Real Answer D, Page 232, A price index is a set of statistics that allows economists to compare prices over time.
5) My answer: A, real answer: B, Page 236, In the business cycle, expansion describes economic growth.
10) My answer: A, real answer D, The level of available technology, quantity of capital goods available per worker, and the skill level of the work force all have a significant impact on the productivity growth.
2) My answer: I, real answer: B, Nominal GDP is GDP expressed in the current prices of the period being measured.
3) My answer: T, real answer: P, A set of statistics that allows economists to compare prices over time is a price index.