Questões de Concurso Público Prefeitura de São José dos Ausentes - RS 2022 para Professor de Língua Inglesa

Consider the following statements about the highlighted words cut down (l. 16):

I. It’s a phrasal verb.

II. It could be substituted by “lower” with no significative changes in meaning (consider “lower the costs”).

III. It is often followed by the preposition “on”.

Which statements are correct?