1. Suppose that a country’s annual growth rates were 5, 3, 4, 1, 2, 2, 3, 4, 6, and 3 in yearly sequence over a 10-year period. What was the country’s trend rate of growth over this period? Which set of years most clearly demonstrates an expansionary phase of the business cycle?

Which set of years best illustrates a recessionary phase of the business cycle? LO1