In Sequential Order, the Four Phases of the Business Cycle

question 304

Multiple Choice

In sequential order, the four phases of the business cycle are

• A) trough, peak, expansion, contraction.
• B) peak, contraction, trough, expansion.
• C) expansion, contraction, peak, trough.
• D) contraction, trough, peak, expansion.

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Definitions:

Law of Contracts

A set of laws that govern the formation, execution, and enforcement of agreements between parties.

Bilateral

Pertaining to or involving two sides, parties, or countries, often used in the context of agreements or contracts that require obligations from both parties.

Unilateral

A mistake that is the result of an error by one party about a material fact, that is, a fact that is important in the context of the particular contract.

Offeror

An entity or person who puts forth a proposal or bid for a contract, indicating a willingness to enter into an agreement under specified terms.