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This study guide covers the business cycle in macroeconomics, including key economic measures (GDP, unemployment, inflation), and the four phases of the cycle (expansion, peak, contraction, trough). It explains how these measures change throughout the cycle, provides real-world examples and graphs, and offers exam tips, common mistakes to avoid, practice questions, and a mnemonic device.
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Question 1 of 11
The Business Cycle is like a rollercoaster 🎢 for the economy! What does the term 'Business Cycle' refer to?
Constant economic growth
Fluctuations in economic activity
A straight line representing GDP
Only periods of economic expansion