Economists Refer to Fluctuations in Output as the "Business Cycle

question 1

True/False

Economists refer to fluctuations in output as the "business cycle" because movements in output are regular and predictable.

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Definitions:

Creditors

Individuals or institutions that lend money or extend credit, expecting to be repaid, usually with interest.

Great Recession

A severe global economic downturn that occurred from late 2007 through mid-2009, marked by significant declines in GDP, high unemployment, and financial instability.

Trade Deficit

A situation where a country's imports exceed its exports during a specific period, leading to a negative balance of trade.

2008

A year marked by the global financial crisis, often associated with the fall of major banks and economic recession.