Question : Short-term contractions and expansions in economic activity are called ____________.
Option 1: expansions
Option 2: recessions
Option 3: deficits
Option 4: business cycle
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Correct Answer: business cycle
Solution : The correct answer is a business cycle .
The business cycle refers to the short-term contractions and expansions of economic activity. The business cycle is a cyclical pattern of economic expansion and contraction. It is distinguished by intervals of growth and contraction.
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