From 1950 to 2009, the average length of expansions in the United States has been A.less than 2 years.B.C.D.
between 2 year and 3 years.
between 3 years and 4 years.
longer than 4 years.
2 Most economists see the business cycle
as randomly occurring, resulting from unpredictable long−run changes in the macroeconomy.
as a regular pattern of recessions and expansions of the same length and intensity.
occurring as a result of anticipated macroeconomic changes in the marketplace.
as resulting from the response of households and firms to macroeconomic shocks.
4 If oil prices decrease,
the long−run aggregate supply curve will shift to the left.
the short−run aggregate supply curve will shift up.
the long−run aggregate supply curve will shift to the right.
the short−run aggregate supply curve will shift down.
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