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Why does a business cycle diagram serve as a
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- Economists refer to fluctuations in output as the "business cycle" because movements in output are regular and predictable True/FalseWhy might it be important to be able to predict the business cycles ? Who might be interested in being able to predict the next business cycle ?Why do you think macroeconomists focus on just a few key statistics when trying to understand the health and trajectory of an economy? Would it be better to try to make use of all possible data?
- Economists use the phrase "business cycle" when referring to fluctuations inExplain the use of econometrics in context with forecasting and policymaking by using some suitable hypothetical example.The following graph approximates business cycles in the United States from the first quarter of 1955 to the third quarter of 1959. The vertical blue bar coincides with a period of six or more months of declining real gross domestic product (real GDP). Notice that real GDP trends upward over time but experiences ups and downs in the short run. A period of declining real GDP, such as the blue-shaded period in 1957, is known as ________ (options: a recession, a business cycle, an expansion) True or False: Short-term fluctuations in real GDP are irregular and unpredictable. Which of the following probably occurred as the U.S. economy experienced increasing real GDP in 1958? Check all that apply.A. Industrial production declined.B. Consumer spending increased.C. The unemployment rate declined.D. Home sales declined.