Pick the correct statement from below. Multiple Choice A deferred call provision requires the bond issuer to pay the current market price, minus any accrued interest, should the bond be called. A deferred call provision allows the bond issuer to delay repaying a bond until after the maturity date should the issuer so opt. A deferred call provision prohibits the issuer from ever redeeming bonds prior to maturity. A deferred call provision prohibits the bond issuer from redeeming callable bonds prior to a specified date. A deferred call provision requires the bond issuer pay a call premium that is equal to or greater than one year's coupon should the bond be called.

The business cycle is the periodic but irregular up-and-down movement in economic activity, measured by fluctuations in real gross domestic product (gdp) and other macroeconomic variables. a business cycle is typically characterized by four phases—recession, recovery, growth, and decline—that repeat themselves over time. economists note, however, that complete business cycles vary in length. the duration of business cycles can be anywhere from about two to twelve years, with most cycles averaging six years in length. some business analysts use the business cycle model and terminology to study and explain fluctuations in business inventory and other individual elements of corporate operations. but the term "business cycle" is still primarily associated with larger (industry-wide, regional, national, or even international) business trends.