Economic periods of prosperity followed by recession are described as:
A) Secular trend
B) Seasonal variation
C) Cyclical variation
D) Episodic variation
E) Irregular variation

Question

Quizplus · Accepted Answer

Cyclical variation refers to the long-term fluctuations in economic activity characterized by periods of expansion (prosperity) followed by contraction (recession).

Economic Periods of Prosperity Followed by Recession Are Described As