Fill in the Blanks A. The business cycle is defined as the periodic cycle up and down movement of actual economic production. It is characterized by alternating periods of economic expansion and economic recession. It is often characterize by the tendency of _____________(Real GDP/Potential GDP)to fluctuate about______________(Real GDP/Potential GDP) B. A(n) ____________________(recessionary/expansionary) period of the business cycle is characterized by declining total economic production and rising unemployment

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