Please answer the following questions: Suppose you are an advisor to the Business Cycle Dating Committee. You are asked to look at macroeconomic data to evaluate whether the economy has entered a recession this year. Which data do you look at? How does the economy behave at the onset of a recession? Explain how unemployment changes over the business cycle. Why do these changes occur?

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Q: At what stage of the business cycle is the Canadian economy currently in? How do you know?

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A: Inflation refers to an increase in prices and reducing the purchasing power over time.

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A:

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