The NBER describes a recession as
A)"a decrease in the standard of living for at least one year."
B)"a decrease in real GDP for two successive quarters."
C)"a period of significant decline in total output, income, employment, and trade, usually lasting from six months to a year."
D)"a decrease in potential GDP for at least six months."
E)"a one year period with increases in the unemployment rate."

Question

Quizplus · Accepted Answer

The NBER defines a recession as a period of significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

The NBER Describes a Recession as