SOLVED

 1) Arthur Burns and Wesley Mitchell first described business cycles as ________. A) fluctuations in consumer preferences B) fluctuations in the price of bicycles C) fluctuations in aggregate economic activity D) all of the above E) none of the above 2) In a business cycle, a period from peak to trough may be referred to as ________. A) an expansion B) a recurrence C) a contraction D) all of the above E) none of the above 3) In a business cycle, a period from peak to trough may be referred to as ________. A) a contraction B) a recession C) a depression D) all of the above E) none of the above 4) In a business cycle, a period from trough to peak may be referred to as ________. A) a contraction B) an expansion C) a recurrence D) all of the above E) none of the above 5) A recession can manifest itself with ________. A) a decrease in consumer spending B) a decrease in industrial production C) a lengthy period of falling GDP D) all of the above E) none of the above 6) Examining U.S. business cycles over time reveals that they ________. A) occur at regular intervals B) are of uniform duration C) are of similar magnitude D) all of the above E) none of the above 7) A procyclical variable ________. A) moves up during expansions and down during contractions B) moves up during contractions and down during expansions C) moves in the opposite direction of aggregate economic activity D) all of the above E) none of the above 8) A countercyclical variable ________. A) moves up during expansions and down during contractions B) is another term for an acyclical variable C) moves in the same direction as aggregate economic activity D) all of the above E) none of the above 9) A leading countercyclical variable ________. A) reaches a peak before the peak of the business cycle B) reaches a trough before the peak of the business cycle C) reaches a trough along with the trough of a business cycle D) all of the above E) none of the above 10) A leading variable ________. A) reaches a peak or trough before the turning point of the business cycle B) reaches a peak or trough after the turning point of the business cycle C) reaches a peak or trough at the same time as the turning point of the business cycle D) all of the above E) none of the above 1