A nation's economy is considered to be in a recession when

Question

Quizplus · Accepted Answer

A recession is defined as a period of significant decline in economic activity, typically marked by a decrease in GDP. Therefore, choice C is the best answer as it accurately reflects this definition. Choice A is incorrect as a lack of decline in unemployment does not necessarily indicate a recession, and choice B is incorrect as the Chairman of the Federal Reserve does not have the sole authority to declare a recession.

A Nation's Economy Is Considered to Be in a Recession