Recession is another name given to a period of economic contraction that lasts at least three months.

Question

Quizplus · Accepted Answer

A recession is typically defined as a significant decline in economic activity spread across the economy, lasting more than a few months, visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. The common shorthand definition is two consecutive quarters of decline in real GDP, not three months.

Recession Is Another Name Given to a Period of Economic