Homework #2 Take-home Quiz 11 true/false (10 pts. plus 1 bonus) 1. As a general

Question

Homework #2 Take-home Quiz 11 true/false (10 pts. plus 1 bonus) 1. As a general rule, business cycles are quite unpredictable. 2. Economic growth through the 1960s and 1970s was known as "The Great Moderation." 3. It is generally accepted that the National Bureau of Economic Research determines the dates of peaks and troughs of the business cycle. 4. A hallmark of the Keynesian theory is that the business cycle has exogenous causes and that we should respond with only minimal government policy 5. The two flows in the circylar flow model are the flow of physical inputs and the flow of physical outputs. 6. The idea of the circular flow was illustrated in the video with the example of a large shopping mall that had many different types of stores. 7. The concept of the GDP was developed by Simon Kuznets in the 1870s. 8. As a general rule of thumb, two consecutive quarters of declining real GDP constitutes recession. 9. The largest component of GDP is net exports. 10. Real GDP rose in the second quarter of 2018 by 4.2%, on an annual basis, according to the second estimate made by the BEA. 11. Among the top ten countries by GDP are China, Germany and Canada. Please use the following to record your answers 7 10 Score: 9 Reason for your "False" answers

Explanation / Answer

1. False: The business cycles usually follow a time pattern and hence, can be predicted with significant certainty.

2. False: it is the period of decreased growth since 1980s in USA.

3. True:

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