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Which of the following statements accurately describe the phases of a business cycle? Check all that...

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Economics

Which of the following statements accurately describe the phases of a business cycle? Check all that apply. A contraction phase is when an economy exhibits decreasing levels of production and consumption. A period of expansion is when an economy exhibits increasing levels of production and spending. A contraction phase is when an economy exhibits increasing quantities of production and spending. A period of expansion is when an economy exhibits decreasing levels of production and spending.

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