Economists refer to the pattern of short-term expansions and contractions in the economy as the ________.
A) business cycle
B) aggregate output
C) standard of living
D) consumer price index

Question

Quizplus · Accepted Answer

Economists refer to the pattern of short-term expansions and contractions in the economy as the business cycle. Aggregate output is the total amount of goods and services produced by an economy, while standard of living refers to the level of comfort, material goods, and necessities available to a certain socioeconomic class in a particular geographic area. The consumer price index (CPI) is a measure of the average change in prices over time of goods and services consumed by households.

Economists Refer to the Pattern of Short-Term Expansions and Contractions