In the following passage some words have been deleted. Fill in the blanks with the help of the alternatives given. Select the most appropriate option for each number.

By contrast, depression is a (1) , long-term downturn in economic activity in one or more (2) . A depression is a more (3) downturn a recession, which is seen by some economists as part of the modern business cycle. The letter refers to (4) that occur around a long-term growth trend, and typically involve shifts over time between (5) of relatively rapid economic growth (an expansion or boom), and periods of relative stagnation or decline (a contraction or recession).