Served cold and frothy by the mesoamerican elite, which new world beverage began craze in Europe that coincided with growing European desire of sugar

If I remember correctly, the mesoamericans used cocoa beans to make a bitter foamy concoation called xocolatl. So hot chocolate I think.  

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explanation:

an expansion is one of two basic business cycle phases; the other is contraction. the transition from expansion to contraction is a peak, and the changeover from contraction to expansion is a trough.