What Is the Business Cycle

question 131

Multiple Choice

What is the business cycle?

• A)The expansionary and contractionary phases in the growth rate of Real GDP.
• B)The expansionary and contractionary phases in the rate of unemployment.
• C)The continuous rise in GDP that Canada has experienced throughout the Twentieth Century.
• D)The rise and fall in the rate of inflation.

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Definitions:

American Capitalism

A system marked by private property, competitive markets, economic incentives, and limited government intervention in the economy.

Product Differentiation

The technique of identifying a product or service as unique in the market to boost its desirability to a chosen target demographic.

Mass Production Techniques

Methods of producing large quantities of products quickly and efficiently using assembly lines and standardized parts.

Product Differentiation

The process of distinguishing a product or service from others in the market to make it more attractive to a particular target market or segment.