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QR Challenge: Business Cycle

QuestionAnswer
In general terms, what does the business cycle showthe changing nature and pace of the level of economic activity
How many phases are in the business cyclefour
Describe two economic conditions that would be present in a contactionary phase of the business cycleeconomic activity is slowing; rising unemployment; low inflation; falling interest rates
What is a 'peak' in the business cycle the highest point; boom in the level of economic activity
What would the RBA do to interest rates as the economy moves through an expansionary phase of the business cycleincreasing interest rates
A trough in the business cycle could be characterised by a recession or depression
Technically a recession occurs when there are two consecutive quarters of negative economic growth
What is the governments aim in terms of economic growthsustainable economic growth
Why is economic growth desirableit increases living standards
What is another work for living standardswellbeing;welfare
Explain what is meant if material living standard are risingindividuals are able to access more goods and services
Provide 4 examples of aspects that would influence non-material living standardsquality of the environment; crime rates; amount of leisure time; education levels; health
What is a common measure of economic growthreal GDP per capita
What does per capita mean per person
How often is GDP measured by the ABSevery quarter (3 months)

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