ECN 211 Exam 3 ASU Hill | Questions and Correct Answers | Latest Update 2024/2025
ECN 211 Exam 3 ASU Hill | Questions and Correct Answers | Latest Update 2024/2025 What is a recession? - Answer -economic contraction; two straight quarters of negative GDP growth What is a boom? - Answer -economic expansion; boom length does not predict a recession What are the characteristics of a good economy? - Answer -lots of job openings, firms are raising wages to attract workers, asset values are rising, consumers borrow and spend money freely What are the characteristics of a bad economy? - Answer -new job openings are scarce, firms not seeking new employees, asset prices fall, consumers try to save money business cycle - Answer -Alternating periods of economic expansion and economic recession Unemployment rates in the business cycle... - Answer -are a lagging indicator; when a recession occurs, employment may stay low for awhileWhy do economies fluctuate? - Ans
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