Identification:

________1. This refers to irregular fluctuations in the general level of economic activity around its long-run growth path.

________2. This refers to the lower turning point of a business cycle, where a contraction turns into an expansion.

________3. This refers to a slowdown in the pace of economic activity

________4. Under this phase of business cycles, companies finds it difficult to hire all the employees they need and are forced to pay highest wages.

________5. This phase of business cycles is characterized by the over heading of the economy that is evident in shortages of employees, materials, equipment, loanable funds and products.

________6. This is a recession that last longer and has a larger decline in business activity.

________7. It refers to the increase in the average price level in the economy.

________8. This measures the average price of goods consumed by urban wage earner.

________9. This refers to a fall in the general level of prices.

________10. This refers to anything that serves as a commonly accepted medium of exchange or means of payment.

________11. This serves as a measure action taken by the Central Bank to influence the supply of money in the economy.

________12. This refers to the quantity of money available.

________13. This is a type of monetary policy setting that intends to decrease the level of liquidity/money supply in the economy.

________14. A type of monetary policy setting that intends to increase the level of liquidity/money supply in the economy.

________15. This refers to a downturn in the economic activity and is associated with falling levels of GDP, consumption and investment expenditure.