The phases of the business cycle are prosperity, downturn, depression, and recession

Chain-weighted price indices are constructed such that

A) all years' levels of GDP are directly related to a base year level of GDP. B) prices of one good can be directly compared with prices of other goods. C) prices in different years can be directly compared with one another. D) prices in different economies can be directly compared with one another.

If the central bank has discretion to make policy, it may create economic fluctuations that reflect the electoral calendar. This is called the political business cycle

a. True b. False Indicate whether the statement is true or false