Based on the information, it can be noted that the business cycle illustrates the long run fluctuations of the real GDP.
Also, in a hypothetical economy, the economy is in the expansion stages of the business cycle.
The minimum number of quarters with successive declines in real gdp that must occur before an economy is considered to be in recession is two.
Apart from the low economic output, recessions are usually characterized by high unemployment.
A hurricane that has recently disrupted supply chains will be classified as a shock.
The business cycle simply means the periodic growth and decline in the economy of a nation. It's typically measured by the GDP.
Learn more about GDP on:
https://brainly.com/question/1383956
Answer:
1: Real Gdp
2: expansion stage of the business cycle
3. two
4. High unemployment
5. shock
Explanation:
Can verify that the answers are correct.
