Multiple Choice
Which of the following best describes a major change in networks of exchange during the period 1200 to 1450?
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0. Basic Principles of Economics
Introduction to Economics
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Which of the following is NOT a stage of the business cycle?
A
Peak
B
Stagnation
C
Contraction
D
Expansion
Verified step by step guidance1
Understand that the business cycle consists of four main stages that describe the fluctuations in economic activity over time.
Identify the commonly recognized stages of the business cycle: Peak, Contraction (also called Recession), Trough, and Expansion.
Recognize that 'Peak' is the point where economic activity is at its highest before a downturn begins.
Know that 'Contraction' refers to the period when economic activity is declining, and 'Expansion' is when the economy is growing.
Note that 'Stagnation' is not considered a formal stage of the business cycle, but rather a condition of slow or no economic growth, so it is the correct answer as the stage that does NOT belong.
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