Chapter 9: Introduction to Economic Fluctuations
Chapter 9: Introduction to Economic Fluctuations. Business Cycle. Changes in the level of economic activity. Real GDP has grown at an average rate of 3% per year in 1960-95 But, growth has not been smooth: Recession: 1974-75, 1981-82, 1990-91 Boom: 1964-69, 1983-84, 1993-95.
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