Assignment Topic: The business cycle
Problem 1:
I. Study the diagram and answer the Problems that follow:
i. Briefly describe the term business cycles.
ii. Label the phases in the diagram above. (Phase 1 to 4)
iii. In which phase is there generally a moderate decrease in spending?
iv. The most severe downturn / downswing (which is seen by some economists as an inevitable part of the economy) is known as ...?
v Which turning point marks the end of an economic prosperity and the start of contraction?
vi. Which number in the diagram is used to indicate the peak point of a business cycle?
Problem 2: Analyze the effect of the contraction phase on the vulnerable members of society. (Economically marginalized groups)
Problem 3: Analyze the causes of a business cycle according to interventionist approach.
Problem 4: Distinguish between TWO economic indicators used in forecasting economic activities of the country (use one clearly labeled diagram to illustrate all indicators).
Problem 5: Critically evaluate the relationship between tax rate and tax revenue by means of a clearly labeled diagram.
Problem 6: Use GDP data below to explain the importance of moving averages in the forecasting of business cycles.
YEAR 2010 2011 2012 2013 2014 2015 2016
GDP (bn) 5 8 9 11 4 6 10
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