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

Question

Quizplus · Accepted Answer

A contraction is characterized by a decline in economic activity, such as output, employment, and income. A recession is a period of at least two consecutive quarters of decline in GDP or economic output, which is the most severe and prolonged phase of a contraction. Therefore, B (Recession) is the best choice for this question.

Which Phase of the Business Cycle Would Be Most Closely