The term business cycle refers to the
A) short-term ups and downs in the price level.
B) long-term trends in the price level.
C) short-term ups and downs in the level of economic activity.
D) long-term trends in the level of economic activity.

Question

Quizplus · Accepted Answer

The business cycle refers to the short-term ups and downs in the level of economic activity, including fluctuations in output, employment, and prices. It is often characterized by four stages: expansion, peak, contraction, and trough.

The Term Business Cycle Refers to the