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Jugar Test
1. 
If a nation’s actual real GDP is less than potential real GDP, which of the following must be true?
A.
The economy is in expansion
B.
There is no frictional unemployment.
C.
There is no cyclical unemployment.
D.
The actual rate of unemployment exceeds the natural rate of unemployment.
2. 
The business cycle diagram shows the cyclical movement of actual real GDP relative to potential real GDP over time for the nation of Galactica. The economy of Galactica is expanding and the actual unemployment rate exceeds the natural rate of unemployment for which year in the above diagram?
A.
1992
B.
1996
C.
2002
D.
2011
3. 
If an economy is at the peak of the business cycle, then which of the following is true about the state of the economy?
A.
There is a recessionary gap.
B.
There is an inflationary gap.
C.
The economy is producing at its potential output level.
D.
The economy is producing below its potential output level.
4. 
Which of the following will cause a recession?
A.
An increase in aggregate demand
B.
A decrease in aggregate demand
C.
An increase in short-run aggregate supply
D.
A decrease in the unemployment rate
5. 
Which of the following will cause an expansion?
A.
An increase in the unemployment rate
B.
A decrease in aggregate demand
C.
An increase in short-run aggregate supply
D.
A decrease in short-run aggregate supply