Two or more consecutive quarters of GDP decline is known as a .
A)seasonal
B)depression
C)recession
D)frictional

Question

Quizplus · Accepted Answer

Two or more consecutive quarters of GDP decline is known as a recession. Option A, seasonal, refers to a predictable pattern of economic activity that occurs regularly within a calendar year. Option B, depression, refers to an extended period of economic decline characterized by high unemployment, decreased demand for goods and services, and low production levels. Option D, frictional, refers to unemployment resulting from people moving between jobs or experiencing a temporary break in employment.

Two or More Consecutive Quarters of GDP Decline Is Known