As a general rule, a recession is a decline in real GDP lasting at least :
A) one year.
B) six months.
C) three months.
D) one month.

Question

Quizplus · Accepted Answer

According to the National Bureau of Economic Research (NBER), a recession is defined as a significant decline in economic activity lasting more than a few months, typically visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. However, NBER does not specify a specific time frame for a recession, but it has been observed that the average recession lasts about 11 months. Therefore, the best choice among the given options is B, six months.

As a General Rule, a Recession Is a Decline in Real