Determine which phase of the business cycle is associated with each event.

a. Unemployment hits its highest levels while output reaches its lowest level during __________ (a trough or an expansion or a peak or a recession).

b. A period of decreasing unemployment and expanding production is known as __________ (a trough or an expansion or a peak or a recession).

c. The economy is at full employment and output is produced at full capacity is associated with __________ (a trough or an expansion or a peak or a recession).

d. Real output is declining for at least two consecutive quarters is associated with __________ (a trough or an expansion or a peak or a recession).