1. QUIZ ABOUT MARKET
STRUCUTURE

2. • REFERS TO THE RECURRENT UPS
AND DOWNS IN THE LEVEL OF
ECONOMIC ACTIVITY, WHICH
EXTEND OVER SEVERAL YEARS
ANS: BUSINESS CYCLE

3. • A PHASE OF BUSINESS CYCLE THAT ALSO
CALLED PROSPERITY PHASE.
ANS: PEAK

4. • ANOTHER TERM FOR RECOVERY
PHASE
ANS: EXPANSIONARY

5. • A PHASE OF BUSINESS CYCLE
WHERE THERE IS NO PRECISE
DECLINE IN OUTPUT AT WHICH A
SERIOUS RECESSION BECOMES A
DEPRESSION.
ANS: TROUGH

6. • A PHASE OF BUSINESS CYCLE
WHERE ECONOMIC SLOWDOWN AND
REAL OUTPUT IS DECREASING .
ANS: RECESSION

7. • WHAT ARE THE TWO INDICATORS?
ANS: LEADING & LAGGING

8. • VARIABLES THAT CHANGE
AFTER REAL OUTPUT CHANGES.
ANS: LAGGING INDICATOR

9. • VARIABLES THAT CHANGE BEFORE
REAL OUTPUT CHANGES.
ANS: LEADING INDICATOR

10. • ECONOMISTS USE CHANGES IN A VARIETY OF
ACTIVITIES MEASURE THE BUSINESS CYCLE, AND
TO TRY TO PREDICT WHERE THE ECONOMY IS
HEADED.
ANS: INDICATOR