Question: Thinking about the difference between the trend and the business cycle component of an economic time series, select the answer that best completes the following

Thinking about the difference between the trend and the business cycle component of an economic time series, select the answer that best completes the following sentence: The trend component corresponds to

a) the actual observed data

b) a smooth fit to the data

c) an estimate of what the data would be if a proposed policy was implemented

d) the deviation from a smooth fit to the data

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