11) A lagging variable ________. A) reaches a peak or trough before the turning point of the business cycle B) reaches a peak or trough after the turning point of the business cycle C) reaches a peak or trough at the same time as the turning point of the business cycle D) all of the above E) none of the above 12) According to the graph above, the expansion that began in December 1914 had a duration of ________. A) 51 months B) 4 years C) 3 years D) 44 months E) 20 months 13) According to the graph above, the last expansion to occur before the outbreak of World War I in 1914 had a duration of ________. A) 23 months B) 44 months C) 3 years D) 12 months E) 20 months 14) Referring to the graph above, an economic variable that had peaked in December 1911, November 1914, and February 1919 is likely a ________ variable. A) leading countercyclical B) leading procyclical C) lagging countercyclical D) lagging procyclical E) none of the above 15) Referring to the graph above, an economic variable that had peaked in December 1912, and July 1918 is likely a ________ variable. A) leading countercyclical B) leading procyclical C) lagging countercyclical D) lagging procyclical E) none of the above 16) Referring to the graph above, an economic variable that had peaked in December 1912, November 1914, and February 1918 is likely a ________ variable. A) leading countercyclical B) leading procyclical C) lagging countercyclical D) lagging procyclical E) none of the above 17) The Conference Board does a good job predicting recessions for reasons that include ________. A) a focus on fewer than five leading variables B) exclusive use of real-time data C) revisions of the components of its monthly index D) all of the above E) none of the above 18) Many economic variables are classified according to their relation to the business cycle. What are the principal categories? Variables in which category(ies) are of greatest help in forecasting changes in the economy? 19)Â To understand what causes the business cycle, leading variables alone are of interest. Coincident and lagging variables merely display the consequences of changes in the economy. Respond.