A decline in total real output for two or more consecutive quarters is referred to as
A)Laissez faire.
B)A recession.
C)A growth recession.
D)Say's Law.

Question

Quizplus · Accepted Answer

A decline in total real output for two or more consecutive quarters is the definition of a recession. Choice A, Laissez faire, refers to a hands-off economic policy, and is not related to the question. Choice C, growth recession, is not a commonly used term and is therefore unlikely to be the correct answer. Choice D, Say's Law, is an economic principle that states that supply creates its own demand, and is also not related to the question.

A Decline in Total Real Output for Two or More