Question: Draw and correctly label a business cycle graph. On your graph identify each of the following: (a) A peak, a trough, a contraction, and

Draw and correctly label a business cycle graph. On your graph identify

Draw and correctly label a business cycle graph. On your graph identify each of the following: (a) A peak, a trough, a contraction, and an expansion. (b) The area, or point, where unemployment is most likely to be a problem. (c) The area, or point, where inflation is most likely to be a problem. (d) (e) The area, or point, where the economy is most likely to experience "full employment." At the point (or area) you identified in part D, how would you define "full employment"?

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