Using the information from the NBER website, graphically determine and explain the following issues:

How the business cycle has been changing in recent decades

If the overall length of cycles has been changing

If recessions have been getting longer or shorter

Find an article in a major business publication, (for example, the Wall Street Journal, Barron’s, the Harvard Business Review, Forbes) that describes an event that may affect the U.S. price level and real GDP.

• Draw an initial set of AD and AS curves and determine which curve(s) will be affected and in which direction it will shift as a result of the AD/AS factors or policies. What are the factors or policies?
• Predict what will happen to price level and real GDP and explain your answer.
• All graphs must be properly labelled. Each axis must be correctly labelled, and the horizontal axis must indicate the nature of the graph itself.
• The written analysis must be explained in well constructed paragraphs. Correct spelling, grammar, sentence structure and the use of economic terminology is required.

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