When activity in an economy is relatively low for a short period of time, the economy is said to be in a
A) recession.
B) depression.
C) prosperous cycle.
D) boom.

Question

Quizplus · Accepted Answer

A recession is characterized by a decrease in economic activity, such as a decline in gross domestic product (GDP), a rise in unemployment rates, and falling wages and incomes. It is usually a short-term downturn in the economy that lasts for at least two quarters or six months.

When Activity in an Economy Is Relatively Low for a Short