d improvements, choose Check for Updates. Principles of Macroeconomics Exam 2 1. Which of the following describes the economic growth of the U.S. over time? a. Economic activity changes little over the long run with only modest fluctuations b. Economic activity grows at an average annual rate of about 3% but through repeated expansion and contraction cycles c. Economic activity grows at a constant 3% per year d. All of the above 2. Suppose an economy grows at 3.5% per year. About how long would it take for total production in the economy to double? a. 15 years b. 20 years c. 25 years d. None of the above 3. Alternating periods of economic expansion and economic recession refer to the a. Business cycle b. Growth periodicity c. Trajectory of prosperity d. All of the above 4. Many economists believe there is a link between economic prosperity and social welfare. In class, we referred to this hypothesized link as a The economic-prosperity cycle b. The virtuous economic growth theory c. Spurious welfare d. The growth model of social progress 5. What group is generally responsible for determining the official start and end dates of a recession? a. The Business Cycle Dating Committee of the National Bureau of Economic Research b. The Recession Committee of the Bureau of Economic Analysis C. The Census Bureau's Economic Advisory Panel d. The Congressional Budget Office Focus