The Business Cycle Has Two Phases

question 132

Multiple Choice

The business cycle has two phases,

• A)recession and expansion.
• B)peak and trough.
• C)recession and trough.
• D)expansion and peak.
• E)expansion and trough.

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Definitions:

Promisor

A party who makes a promise or commitment in a contract.

Past Consideration

Refers to something of value that was given or an act that was performed in the past, which cannot be considered valid consideration for a current contract.

Binding Contract

A binding contract is an agreement between two or more parties that is enforceable by law, signaling that all parties have accepted the terms whether written or oral.

Employment Setting

Refers to the place or context in which employment occurs, including physical locations, organizational environments, and remote or virtual workplaces.