The period when output and living standards decline is referred to as
A) inﬂation.
B) economic decline.
C) an inventory downturn.
D) a recession.

Question

Quizplus · Accepted Answer

A recession is a period of declining economic activity, characterized by a contraction in gross domestic product (GDP), employment, and trade. During a recession, output and living standards usually decline, while unemployment and business failures increase.

The Period When Output and Living Standards Decline Is Referred