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II. Choose the best answer to the following questions. 13. A business cycle reflects changes in economic activity, particularly real GDP. The stages of a business cycle in order are a) expansion, peak, contraction, and trough. b) expansion, trough, contraction, and peak. c) contraction...

I. Indicate whether the statement is true or false. 1. A contraction is a period of falling real output and is usually accompanied by rising unemployment and declining business and consumer confidence. 2. A firm will make investment only when it expects to make more money from investment than...