The Four Stages of an Economic Cycle Would Not Include

question 56

Multiple Choice

The four stages of an economic cycle would not include

• A) depression.
• B) expansion.
• C) recession.
• D) recovery.
• E) stagnation.

---

Definitions:

Persistent Shortage

A situation where the demand for a product or service consistently exceeds its supply over an extended period.

Price Ceiling

A legal maximum price that can be charged for a good or service, aimed at preventing prices from becoming prohibitively high.

Price Ceiling

A price ceiling is a government-imposed limit on the price that can be charged for a product or service, intended to prevent prices from rising too high.

Low-Income People

Individuals or groups who earn significantly less than the average income level in their society.