- 10 Marks
PSAF – Nov 2020 – L2 – Q6b – Fiscal Policy and Public Finance
Explain the five phases of the economic cycle in relation to fluctuations in GDP.
Question
Economic cycle, also known as business cycle, refers to the upward and downward movements (fluctuations) as shown in the national gross domestic product during a given period.
Required:
Explain the five phases of an economic cycle.
Find Related Questions by Tags, levels, etc.
- Tags: Business Cycle, Economic Cycle, expansion, GDP, Recession
- Level: Level 2
- Topic: Fiscal Policy and Public Finance
- Series: NOV 2020
