Suppose that the office of management and budget provides the accompanying estimates of federal budget receipts, federal budget spending, and gdp, all expressed in billions of dollars. calculate the implied estimates of the federal budget deficit as a percentage of gdp for each year. (enter each response as a percentage rounded to one decimal place. do not include a plus or minus sign.) year federal budget receipts (22% growth) federal budget spending (33% growth) gdp (22% growth) deficit as a % of gdp

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.