The business cycle consists of four phases. At the top we have:
a. expansion, followed by peak, and then recession followed by a recession.
b. expansion, followed by a recession, and then peak followed by recession.
c. peak, then an upturn followed by a recession, and then recession.
d. peak, then a recession followed by expansion, and then recession.
e. peak, then a recession followed by recession, and finally, expansion.
e
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Factors likely to cause a financial crisis in emerging market countries include
A) severe fiscal imbalances. B) decreases in foreign interest rates. C) a foreign exchange crisis. D) too strong oversight of the financial industry.
Old Navy has a discount store in a rundown neighborhood and charges about half what they charge for the same merchandise in a more fashionable neighborhood. The best explanation for why they charge less in the rundown neighborhood is that
A. they pay less rent. B. their customers can't afford to pay any more. C. they don't have to bother advertising. D. they are maximizing their profits at the prices they are charging.