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When President Biden interviews you, how do you explain the business cycle? Specifically, what is the business cycle? What happens in each cycle phase regarding

When President Biden interviews you, how do you explain the business cycle? Specifically, what is the business cycle? What happens in each cycle phase regarding employment, income, and output? Last, what is the state of the business cycle right now? Are we in a recession? Are we expanding? Or are we in a trough?

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