The Expansion and Contraction of the World Economy Since the Late

Multiple Choice

The expansion and contraction of the world economy since the late 1700s is sometimes described in terms of long-term cycles in prices named after the Russian economist Kondratiev. How long on average is each entire growth-stagnation cycle?

A) 20 years
B) 50-55 years
C) 11-15 years
D) 40 years