• While over the long run, the economy grows about 2 to 3% per year on average, over the shorter term, the economy goes through business cycles. Think about the growth rate of GDP, the inflation rate, and the unemployment rate over the last 4 quarters including the Covid-19 period until July.Once you've looked at the data, can you draw conclusions about the state of the economy? Would you describe the economy as booming, recovering, or in a recession? Why? Which curve do you think caused the change? Explain your reasoning.