Economics Quiz 3

List I 

List II 

I. Boom

A) Business activity at high level 

with increasing income, output 

and employment at macro level

II. Recession

B) Gradual fall of income, output 

and employment with business 

activity in a low gear

III. Depression

C) Unprecedented level of under 

employment and unemployment, 

drastic fall in income, output and 

employment

IV. Recovery

D) Steady rise in the general level 

of prices, income, output and 

employment