Ch 17 Test - Checking the Economy: Economics AGS

A rise in real GDP shows ______ growth.

economic

The growth stage of the business cycle is ______.

expansion

The highest point of a business cycle is called its ______.

peak

When GDP stops growing, the ______ stage of the business cycle begins.

recession

In the formula C=I+G+(X-M), the letter X stands for ______.

exports

GDP does not measure people's ______.

well-being

Business cycles are very ______.

irregular

______ shows an increase in real GDP from one year to the next.

Real economic growth

GDP is the total value of _______ goods and services.

final

Intermediate goods do not count toward GDP because they have not reached the ______.

final user

Negative results of economic growth do not include ______.

having more money to spend

Economic growth results in a higher ______.

standard of living

When an economy grows, a government can raise ______ to help support people and programs.

taxes