Which of the following statements is most correct?
A) A recession is officially defined as two consecutive quarters where the real growth rate is negative.
B) A recession officially begins when unemployment exceeds 5.0 percent.
C) There is no hard and fast definition of a recession.
D) The official date of a recession is determined by the Federal Reserve Board, but usually with at least a three-month delay.

Question

Quizplus · Accepted Answer

While options A and D contain some elements of truth, C is the most correct statement. There is no universally agreed upon definition of a recession, and different countries may use varying criteria to identify and measure economic downturns. Furthermore, while the Federal Reserve Board may provide input and guidance on the determination of a recession, it is not solely responsible for defining it.

Which of the Following Statements Is Most Correct