"economics"exercise: Business Cycles
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Questions 1:
The most recent economic data release indicates the following:
● capital spending is expanding rapidly, but the growth rate of spending has
begun to slow down; and
● the rate of hiring has slowed, but the unemployment rate continues to fall.
The economy is most likely in which of the following phases?
A 、Peak
B 、Late expansion
C 、Contraction
Questions 2:
The consumer price index (CPI) this year is 252. The CPI last year was 246. The inflation rate this year is closest to:
A、 6.00%.
B、 2.38%.
C、 2.44%
A is correct. During the peak phase of the business cycle, capital spending expands rapidly, but the rate of growth of consumer and business spending slows down; in addition, during the peak, businesses slow their rate of hiring, but the unemployment rate continues to fall.
B is incorrect. In the late expansion phase businesses begin to order heavy equipment and engage in construction; in addition, businesses begin full time rehiring as overtime hours rise. The unemployment rate falls to low levels C in incorrect. In the contraction phase there are cutbacks in orders for new business equipment and other forms of capital spending. In addition, businesses first cut hours and freeze hiring, followed by outright layoffs and an increase in the unemployment rate.
C is correct. The inflation rate is measured as [(CPI this year – CPI last year)/CPI last year] × 100. In this case, [(252 – 246)/246] × 100 = 2.439%.
A is incorrect. It is the difference between the two CPI numbers.
B is incorrect. It uses 252 in the denominator instead of 246.
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