When the economy experiences an expansion, it is most likely the case that : GDP is increasing, unemployment is decreasing, and inflation is increasing. During recessions all of the following usually happen EXCEPT: GDP increases. GDP is an important economic measurement because it: measures the value of final goods and services produced by a country.. When calculating GDP, which of the following gets subtracted out: Imports. If GDP falls for at least 2 Quarters, it is considered what stage of the business cycle: Recession. What term is used to describe the percent of the labor force that does not have a job but is currently looking for one? : Unemployment rate. What term is used to describe an increase in the general price level: Inflation. Which term describes the phases of expansion and contraction in an economy over time: Business cycles. Which would most likely occur during a period of recession: Real gross domestic output falls. Which of the following is associated with peaks in the business cycle: Relatively low levels of unemployment. Increasing unemployment and decreasing GDP is a sign of what part of the Business Cycle: Recession. "Dunder Mifflin Corporation Fires 5,000 Employees" This headline affects which economic indicator the most: Unemployment rates. "Prices for consumer goods down 5% this year!" This headline affects which economic indicator the most: Consumer Price Index
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