What does the Business Cycle resemble? Is the Business Cycle smooth or choppy over time? Explain. Is the Business Cycle demonstrating Real GDP or Nominal GDP? What is the difference between Real and Nominal GDP? In terms of the latest downturn/recession in the economy, what caused the downturn/recession? Has the economy fully recovered from the latest downturn/recession? Undertaking additional research, which types of business were most greatly affected by the most recent recessionary period? Have they fully recovered? Explain