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a . In sequential order, the four phases of the business cycle are expansion, recession, peak, and trough. trough, peak, expansion, and recession. recession, trough,
a In sequential order, the four phases of the business cycle are
expansion, recession, peak, and trough.
trough, peak, expansion, and recession.
recession, trough, peak, and expansion.
peak, recession, trough, and expansion.
b The length of a complete business cycle
is generally about years.
varies from about to years to as long as years.
varies from about to years to as long as years.
varies greatly in duration and intensity.
C Seasonal variations and longrun trends compligate the measurement of the business cycle because
longterm trends have only been measured recently.
seasons vary so the changes are not consistent.
normal seasonal variations do not signal boom or recession.
it is difficult to treat all the variations the same when the causes are different.
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