Which of the following refers to a decline in production and employment that lasts for six months or more?
A)Financial crisis
B)Economic growth
C)Market failure
D)Government failure
E)Recession

Question

Quizplus · Accepted Answer

A recession is a significant decline in economic activity, usually measured by a decline in Gross Domestic Product (GDP), that lasts for six months or longer. During a recession, there is a decrease in production, employment, and consumer spending. This is typically accompanied by a rise in unemployment rates and a decline in business profits.

Which of the Following Refers to a Decline in Production