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Table 14-2
-Refer to Table 14-2.Using the table above,what is the approximate growth rate of real GDP from 2017 to 2018?
Expansion
A phase in the business cycle where economic activity is increasing, characterized by higher output, employment, and trade.
Time Period
A specific duration or interval of time, often used in the context of analysis, planning, or measurement within various fields including finance and economics.
Recession
A period of temporary economic decline during which trade and industrial activities are reduced, typically recognized by a fall in GDP in two consecutive quarters.
1937-1938
The period marking a recession within the Great Depression in the United States, often attributed to contractionary monetary and fiscal policies.
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