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Gillespie: Foundations of Economics 2e

Unit 21


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Question 1

Economic growth can be measured by:

Question 2

In a boom:

Question 3

In a recession, GDP:

Question 4

The economic cycle is measured by

Question 5

A government is most likely to use a reflationary policy

Question 6

Potential growth measures:

Question 7

Economic growth can be seen by an outward shift of:

Question 8

The socially optimal rate of growth is:

Question 9

To anticipate what the economy is going to do next the government will look at:

Question 10

The output gap is