Directions: Given below is a passage with five blanks (A-E). A phrase written in brackets is given against each blank. Choose the right word from the options which can replace the phrase most appropriately. If none of the options fit for the replacement, according to you, then select 'None of these' as your answer.

Business cycles as we know them today were codified and ________(A)(Examined carefully and methodically) by Arthur Burns and Wesley Mitchell in their 1946 book Measuring Business Cycles. One of Burns and Mitchell’s key insights was that many economic indicators move together. During an ______(B)(The act of increasing (something) in size), not only does output rise, but also employment rises and unemployment falls. New construction also typically increases, and inflation may rise if the expansion is particularly _______(C)(Quick and energetic). Conversely, during a recession, the output of goods and services declines, employment falls, and unemployment rises; new construction also declines. In the era before World War II, prices also typically fell during a ________(D)(a massive contraction in economic activities), since the 1950s prices have continued to rise during downturns, though more slowly than during expansions (i.e., the rate of inflation falls). Burns and Mitchell defined a recession as a period when a broad range of economic indicators falls for a ________(E)(to make something continue for a long period) period, roughly at least half a year.