व्यापार चक्रांच्या संदर्भात खालील विधाने विचारात घ्या.
a. एकापाठोपाठ एक अशा येणाऱ्या आर्थिक क्रियातील वाढ आणि घसरणीच्या अवस्थांना व्यापार चक्रे असे म्हटले जाते.
b. केन्सच्या मते, आर्थिक क्रियातील चढउतार हे एकूण प्रभावी मागणीतील चढउतारांमुळे निर्माण होतात.
c. सर्वसाधारणपणे व्यापार चक्राच्या तीन अवस्था असतात त्या म्हणजे वाढ, शिखर आणि घसरण
वरीलपैकी कोणती विधाने बरोबर आहेत ?

The correct answer is Option A (a and b are correct).

Key Points:
• Business Cycles (Statement a): The business cycle refers to the recurring, alternating periods of expansion (economic growth) and contraction (recession) in the general level of economic activity over time. Hence, statement 'a' is perfectly correct.
• Keynesian Perspective (Statement b): John Maynard Keynes, in his seminal 1936 work, argued that the primary driver of the business cycle is fluctuations in Aggregate Effective Demand, specifically the volatility of investment driven by the "animal spirits" of entrepreneurs. Thus, statement 'b' is correct.
• Phases of Business Cycle (Statement c): A standard business cycle does NOT have just three phases; it generally consists of four distinct phases:
• 1. Expansion (Boom/Recovery)
• 2. Peak (Prosperity)
• 3. Contraction (Recession)
• 4. Trough (Depression)
• Because statement 'c' incorrectly claims there are only three phases, it is false.
• Conclusion: Only statements 'a' and 'b' accurately reflect macroeconomic theories regarding business cycles.
• Key Takeaway: Business cycles have 4 phases (Expansion, Peak, Contraction, Trough). Keynes attributed them to fluctuations in aggregate effective demand.