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The Business Cycle Boom, Bust, Recovery

Activity (Answer Key)

Card rulings in this key match 1973's oil shock, 1981-82's Volcker tightening, and 2007-2009's housing crash to supply, monetary, and financial causes, then classify GDP as procyclical and the jobless rate, which hit 14.7 percent in April 2020, as countercyclical.

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