Question 1) a. In your own words, clearly explain what the "business cycle" means. Hint: Page 478 of the textbook will help. b. The Reserve Bank of Australia (RBA) offers the following visual illustration of the business cycle. See diagram below The Business Cycle Expansion | Contraction | Expansion I Peak Actual Peak Potential Output Trough Time Source: RBA - In Education - Recession Explained Now think about the Australian economy has fared over the past 30 years. Has the Australian economy gone through alternating periods of expansion and contraction as regularly as depicted in the diagram above