To choose: The term that best completes the given sentence.
Explanation of Solution
The correct answer is ‘precede’.
Recession refers to a period of time in the cycle of business in which the country’s total output is decrease. In general, a recession happens in the economic cycle after the peaks, when it reaches trough. Expansion is the duration of the business cycle during which real GDP will rise from a low to a high for more than two successive quarters. Usually this is followed by a rise in jobs, consumer confidence and stock markets. In the business cycle the period of recession always come after expansion phase. Thus, the correct choice is ‘precede’.
Introduction: The business cycle is the inevitable fall or rise in the level of output of the economy that happens over time. It is a valuable method to evaluate the economy and also helps in make financial choices easier.
Chapter 13 Solutions
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