Use the following diagram to answer the following questions.
-Refer to GDP. In the diagram above, the letters A, B, C, and D, represent which phases of the business cycle?
A) expansion, peak, contraction, and trough, respectively.
B) peak, contraction, trough, and expansion, respectively.
C) expansion, contraction, trough, and peak, respectively.
D) contraction, trough, expansion, and peak, respectively.
Correct Answer:
Verified
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