The graph displayed above illustrates the percentage growth in real GDP over time. Shaded areas in the graph highlight specific periods of interest. The title of the graph is "Real Gross Domestic Product," and it spans from the 1970s to the 2020s.**Explanation of the Graph:**- **Y-Axis:** Represents the percentage change in real GDP.- **X-Axis:** Covers the timeline from 1975 to 2020.- **Line Graph:** A fluctuating line shows the growth rate of GDP over the years, indicating cycles of growth and decline.- **Shaded Areas:** Periods where the growth rate dips below zero, highlighting potential economic downturns or recessions.**Question:**The graph above shows the percentage growth in real GDP. Which phase of the business cycle describes the shaded periods?- Expansion- Contraction- Peak- DepressionThe question asks the reader to identify which phase of the business cycle is represented by the shaded periods in the graph.

"Business cycles are a sort of fluctuation in a country's overall economic activity... A cycle is…

Answered: Sh r eloor i m s eesm The Graph above…

ENGR.ECONOMIC ANALYSIS

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Chapter1: Making Economics Decisions

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Sh r eloor i m s eesm The Graph above shows the percentage growth in real GDP. Which phase of the business cycle describes the shaded O Expansion Contraction O Peak Depression