Which of the following best describes the characteristics of cyclical variations?

Cyclical variations are characterized by fluctuations that occur in the economy over longer periods, typically aligned with the business cycle. These variations can reflect changes in economic conditions such as expansions and recessions, which are marked by periods of growth followed by downturns. The nature of these variations means they are not tied to short-term, regular fluctuations like seasonal variations.

The recognition of cyclical variations is essential for understanding broader economic trends, as they indicate how an economy is responding to various internal and external factors over time. This understanding allows businesses and policymakers to make informed predictions and decisions regarding economic policy and strategic planning.

By contrast, characteristics such as predictability and short duration do not apply to cyclical variations, which are inherently subject to the complexities of economic conditions and can vary significantly in length and predictability. Additionally, cyclical variations are closely related to economic trends rather than unrelated to them, highlighting their integral role in economic analysis.