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List the four phases of the business cycle and explain the primary characteristics of recessions and expansions. Use potential output and the output gap to
- List the four phases of the business cycle and explain the primary characteristics of recessions and expansions.
- Use potential output and the output gap to analyze an economy's position in the business cycle.
- Define the natural rate of unemployment and show how it is related to cyclical unemployment.
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Managerial Economics and Business Strategy
Authors: Michael Baye, Jeff Prince
9th edition
9781259896422, 1259290611, 1259896420, 978-1259290619
