A recession is best defined as a period during which:
A)the percentage of the population employed increases.
B)employment,output,and income decrease.
C)the average price level in an economy decreases.
D)the usage of labor and capital resources increases.
E)budget deficit and trade deficit decrease.

Question

Quizplus · Accepted Answer

A recession is a period of time where there is a significant decline in economic activity. This decline is generally characterized by a decrease in employment, output, and income, as well as a general slowdown in economic growth. This is what separates a recession from a simple slowdown in growth. The other choices listed are not accurate descriptions of a recession.

A Recession Is Best Defined as a Period During Which