Macroeconomics + Economy 2009 Update 18th Edition by Campbell McConnell, Sean Masaki Flynn,Stanley Brue

Exercise 9

KEY QUESTION What are the four phases of the business cycle How long do business cycles last How do seasonal variations and long-run trends complicate measurement of the business cycle Why does the business cycle affect output and employment in capital goods industries and consumer durable goods industries more severely than in industries producing consumer nondurables