In a single year, argentina can raise 100 tons of beef or produce 1,000 boxes of tulips. in the same growing season, venezuela can raise 50 tons of beef or produce 750 boxes of tulips. when the two countries begin trading beef for tulips, we expect the price of beef in venezuela

a. to remain at the autarky price. b. to be 10 boxes of tulips. c. to fall. d. to rise.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.