Which phase of the business cycle would be most closely associated with an economic contraction?

Peak
Trough
Recovery
Recession

Expert Solution

Recession

The cycle of short term ups and downs in the economy is known as business cycle. The main measure of how an economy is doing is aggregate output. Recession are periods during which aggregate output declines, the total quantity of goods and services produced in the economy in a given period. Economic contraction also refers to a business cycle in which aggregate output declines. Therefore recession is most closely associated with an economic contraction.

Rahul Sunny answered 2 years ago

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