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CHS What the Business Cycle Graph Tells Us About the State of The Economy

CHS What the Business Cycle Graph Tells Us About the State of The Economy

Option A: In your own words, describe what the business cycle graph tells us about the state of the economy. With respect to the business cycle, describe the difference between the “expansion phase” and the “recovery phase”.

Option B: Describe what the term “full employment” means to an economist. Give a hypothetical numerical example to help support your answer.

 

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