Question

Upward and downward changes in aggregate economic activity, as measured by GDP, are called:

1) business standards
2) business cycles
3) cyclical adjustments
4) economic yields
5) standards of business deviation

Answer 1

Business cycles are the upward and downward changes in aggregate economic activity, as measured by GDP.

Step-by-step explanation:

The upward and downward changes in aggregate economic activity, as measured by GDP, are called business cycles. The business cycle refers to the short-term fluctuations of economic activity along its long-term growth trend. It consists of four phases: expansion or boom, contraction or recession, peak, and trough.