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The business cycle has expansion, peak, contraction (recession), and trough. Real GDP, employment, and income fluctuate around a long-run growth trend.
It's All Connected: The Business Cycle Graph, The AD-AS Model, and the PPC
Which of the following is true when an economy is in the expansion phase of the business cycle?
Apply what you've learned with these practice questions. These questions test your understanding of the key concepts.
A worker who is laid off due to a downturn in the business cycle represents which type of unemployment?
