According to the NBER, a severe decline in economic activity that lasted less than two quarters:
A) could not be considered a recession.
B) could still be considered a recession.
C) would not be called a recession until more than two years had passed.
D) would immediately be called a recession.

Question

Quizplus · Accepted Answer

According to the NBER, a recession is defined as a significant decline in economic activity that lasts more than a few months, usually visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. Therefore, a severe decline in economic activity that lasts less than two quarters could still be considered a recession based on this definition.

According to the NBER, a Severe Decline in Economic Activity