Arthur Burns and Wesley Mitchell first described business cycles as ________.
A)fluctuations in consumer preferences
B)fluctuations in the price of bicycles
C)fluctuations in aggregate economic activity
D)all of the above
E)none of the above

Question

Quizplus · Accepted Answer

Arthur Burns and Wesley Mitchell were economists who described business cycles as fluctuations in aggregate economic activity. These fluctuations include changes in levels of production, employment, investment, and income. The other choices, fluctuations in consumer preferences and price of bicycles, are not accurate descriptions of business cycles.

Arthur Burns and Wesley Mitchell First Described Business Cycles as ________