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UNT ECON 1100 EXAM 3 CERTIFICATION EVALUATION 2026 STUDY GUIDE QUESTIONS AND ANSWERS

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UNT ECON 1100 EXAM 3 CERTIFICATION EVALUATION 2026 STUDY GUIDE QUESTIONS AND ANSWERS

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UNT ECON 1100 EXAM 3 CERTIFICATION
EVALUATION 2026 STUDY GUIDE
QUESTIONS AND ANSWERS

◉ Business Cycle Expansion
Answer: growth phase in economy (also known as booms)


◉ Recession/Business Cycle Contraction
Answer: period marked by falling GDP over time (also known as
bust)


◉ Boom-Bust Cycle
Answer: another name for the business cycle


◉ Business Cycle Peak
Answer: highest level of GDP achieved during any cycle


◉ Business Cycle Trough
Answer: lowest level of GDP falls to during a recession


◉ Long-Term Trend

, Answer: average growth of the economy over many business cycles


◉ Depression
Answer: an economic downturn of greater depth and scope


◉ Extensive Growth
Answer: growth due to bringing new land into cultivation/building
new manufacturing facilities


◉ Capital/Labor Ratio
Answer: amount of capital available for each worker


◉ Intensive Growth
Answer: growth brought by increasing the productivity of workers


◉ Technology
Answer: application of scientific and engineering principles to the
problems of production


◉ Physical Capital
Answer: machines, factories

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