An economic downturn typically including decline in GDP for two or more consecutive quarters is called what?

Question

Quizplus · Accepted Answer

A recession is a period of decline in economic activity, typically characterized by a decrease in GDP for two or more consecutive quarters. A depression is a severe and prolonged recession, characterized by a significant decline in economic activity, high unemployment rates, and a steep fall in asset prices. The new international economic order refers to the global economic system that emerged in the 1970s, intended to address the economic imbalance between developed and developing countries. Therefore, the correct answer is B, recession.

An Economic Downturn Typically Including Decline in GDP for Two