Regarding the Federal Reserve Bank of Chicago's National Activity Index, what do the values of the National Activity Index indicate? Each term is used only once. Compare the three states of the National Activity Index to the long-term trend - i.e., historical trend - of economic growth.
a. Statement 1: When the National Activity Index is negative, this means that the economy is growing ____
b. Statement 2: When the National Activity Index is equal to zero, this infers that the economy is growing ____
c. Statement 3: When the National Activity Index is positive, this means that the economy is growing _____
1. slower than long-term economic growth
2. faster than long-term economic growth
3. on par with long-term economic growth