Questions: Use the following diagram to answer the next question.

Use the following diagram to answer the next question.
Transcript text: Use the following diagram to answer the next question.
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Solution

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Solution Steps

Step 1: Analyze the graph

The graph shows the change in Real GDP (Y) over time. The red line represents the actual Real GDP, while the green line represents the long-run trend of Real GDP growth.

Step 2: Identify the pattern

The red line fluctuates above and below the green line. This shows that real GDP does not grow smoothly but experiences periods of higher-than-average growth (expansion) and periods of lower-than-average or negative growth (contraction).

Final Answer: The business cycle

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