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Understanding Business Cycles Quiz

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1. What are the four phases of a business cycle?

2. What is an example of an expansionary phase in a business cycle?

3. What is typically observed during the peak phase of a business cycle?

4. Which of the following best describes a contraction phase in a business cycle?

5. What is seen during the trough, or low point, of a business cycle?

6. Who identified the concept of business cycles?

7. Which economic indicator can be used to determine the phases of a business cycle?

8. How do central banks typically respond during a contraction phase in a business cycle?

9. Which theory suggests that business cycles are largely caused by technological innovation and may therefore be unavoidable?

10. Which of the following scenarios may cause an economy to transition from the peak phase to the contraction phase in the business cycle?