Over the next 100 years, real gdp per capita in groland is expected to grow at an average annual rate of 2.0%. in sloland, however, growth is expected to be somewhat slower, at an average annual growth rate of 1.5%. if both countries have a real gdp per capita today of $20,000, how will their real gdp per capita differ in 100 years? the living standard in sloland will be 51.8% of that in groland. the living standard in sloland will be 61.2% of that in groland. the living standard in sloland will be 25.6% of that in groland.

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.