An economic recession is best defined as a period of decline in economic activity by a period of

Question

Quizplus · Accepted Answer

An economic recession is typically defined as a period of decline in economic activity, usually measured by a decline in GDP (Gross Domestic Product) for two consecutive quarters. This means that the economy is shrinking and not producing as much as it had been in previous quarters. Employment growth may also decline during a recession, but it is not the primary measurement used to identify a recession. Similarly, rising consumer prices may be a symptom of a recession, but they are not a defining characteristic. A single quarter of negative GDP and employment growth with rising consumer prices would not be enough to definitively identify a recession.

An Economic Recession Is Best Defined as a Period of Decline