Question

The business cycle shows........
1. Phases of economic cycles as the production output of goods and services fluctuates due to policy changes, demand factors and supply factors.
2. Phases of economic activities as the production of goods only increases or decreases due to changes in aggregate demand.
3. Patterns of economic fluctuations along the short-term trend.
4. Patterns of upswings and expansion around the long-term trend.

Answer 1

1. Phases of economic cycles as the production output of goods and services fluctuates due to policy changes, demand factors and supply factors.