The commonly accepted definition of a recession is at least two consecutive quarters of falling real GDP.

Question

Quizplus · Accepted Answer

This statement is true. A recession is typically defined as a period of economic contraction where there is a decline in real gross domestic product (GDP) for at least two consecutive quarters or six months. However, other factors can also be taken into account such as rising unemployment, falling income levels, and declining consumer confidence.

The Commonly Accepted Definition of a Recession Is at Least