Use the diagram below to answer the following question.

Based on this diagram, long-run growth is represented by ___, and short-run expansion is represented by ___.

Question

Use the diagram below to answer the following question.

Based on this diagram, long-run growth is represented by ___, and short-run expansion is represented by ___.

BlackTom AI · Accepted Answer

When interpreting the diagram, I examine what each feature represents in the context of long-run versus short-run changes.
Option 1 examines the sections of the wavy line above or below a reference line. This describes deviations around a trend, not the distinction between long-run growth and short-run expansion, so it is not the correct framing.
Option 2 swaps the roles, stating the wavy line for long-run growth and the straight line for short-run expansion. The diagram shows a straight line representing a sustained trend (long-run growth) and a separate wavy path for shorter fluctuations (short-run movements), so this option misidentifies which line corresponds to which concept.
Option 3 claims the long-run growth is the upward-sloping portion of the wavy line and the short-run expansion is the downward portion. This is inaccurate because the long-run growth is represented by the steady trend line, not by a fluctuating segment of the wavy path, and the short-run expansion is not defined as the downward segment specifically.
Option 4 correctly states that long-run growth is represented by the straight line, and short-run expansion is represented by the upward-sloping portion of the wavy line. The straight line shows a persistent, averaged growth path over time (the long run), while the parts of the wavy line that rise indicate periods of expansion within the cycle (short run).

ECON 2002.01 AU2025 (21333) Midterm Exam 2- Requires Respondus LockDown Browser

Use the diagram below to answer the following question. Based on this diagram, long-run growth is represented by _, and short-run expansion is represented by _.

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