income reaches the highest level at the point of the business cycle.
income reaches the highest level at the point of the business cycle.
Answer
Explanation:
Step1: Recall business - cycle phases
The business cycle has phases like peak, trough, expansion, and contraction. At the peak phase, economic activity is at its highest.
Step2: Relate to income
Since income is a measure of economic activity, it reaches its highest level at the peak of the business cycle.
Answer:
peak