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2. Describe the business cycle.
The business cycle starts as expansion with growing employment and profit. Next is the peak with lots of employment and profit. Next is contraction where there is an overabundance of the product and unemployment rises. Finally is the trough where profit is at its lowest and unemployment is at its highest until it resets in expansion again.
3. What is a recession?
A recession is a general decline in the economy
4. What is the difference between monetary and fiscal policy
Fiscal policy is where the central bank regulates economics while monetary is where the government regulates taxes and spending.
5.What is the name of the U.S. Central Bank? Is it a government agency?
The Federal Reserve; it is private owned and not a government agency

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