The Business Cycle Dating Committee of The National Bureau of Economic Research is the group that defines when the U.S. economy is in a recession or expansion period. The primary determinant of economic activity is real GDP.
Macroeconomics grew out of the attempts to explain the recurrent fluctuations in economic activity; that is the premise of business cycle theory. The length of adjustment time and the economic impact of that adjustment is the subject of much debate among economists. Economists have proposed many policies to reduce the fluctuations in real gross domestic product due to the business cycle.
Please answer all questions :)
The Key Questions to be answered are:
What is the business cycle?
List and describe the recessions that have occurred since 1949.
Examine each of those recessions and explain which recession was the most severe and Which one was the least severe.
Calculate the longest time between recessions and identify the recession at the beginning and the end of that longest period. Have the severity of recessions decreased over the postwar period?
If a change in the severity of recessions is evident, why do you think this is?