Economics:
10th Edition
ISBN: 9781285859460
Author: BOYES, William
Publisher: Cengage Learning
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Question
Chapter 10, Problem 18E
To determine
Why should the business cycles of Canada and Mexico be much like the U.S business cycle, while those of South Africa and Turkey may differ from the U.S pattern of economic expansion and contraction?
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Economists refer to fluctuations in output as the "business cycle" because movements in output are regular and predictable
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The business cycle will alternate, if two or more of the components of aggregate demand decrease or increase spending.
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Why do economists seek to abstract from the business cycle to focus on long-term secular trends in output?
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- Suppose you are an advisor to the Business Cycle Dating Committee. You are asked to look at macroeconomic data to evaluate whether the economy has entered a recession this year. Which data do you look at? How does the economy behave at the onset of a recession? Explain how unemployment changes over the business cycle. Why do these changes occur?arrow_forwardEmpirical studies indicate that the long-run trend in real GDP of the USA has an upward trend. How is this possible given business cycles and macroeconomic fluctuations? What factors explain the upward trend despite the cycles?arrow_forwardWhich of the following is not one of the possible general sources of shocks that can cause business cycles? Select one: a. Open market operations to of businesses to increase their global competition. b. Unexpected political events, such as peace treaties, new wars, or terrorist attacks, can create economic opportunities or strains. c. When productivity unexpectedly increases, the economy booms; when productivity unexpectedly decreases, the economy recedes. d. Irregular innovations may contribute to the variability of economic activity.arrow_forward
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