A significant decline in economic activity spread across the economy and lasting for at least six months is a
A)catastrophe.
B)recession.
C)boom.
D)latent function.

Question

A significant decline in economic activity spread across the economy and lasting for at least six months is a​
A)​catastrophe.
B)​recession.
C)​boom.
D)​latent function.

Quizplus · Accepted Answer

A recession is defined as a significant decline in economic activity spread across the economy, lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

A Significant Decline in Economic Activity Spread Across the Economy