Which term refers to a short period of falling incomes and rising unemployment?
A) depression
B) recession
C) expansion
D) business cycle

Question

Quizplus · Accepted Answer

A recession is a period of temporary economic decline where there is a decrease in the Gross Domestic Product (GDP), accompanied by a rise in unemployment usually lasting for two quarters of a year or six months. The decline occurs due to a decrease in demand for goods and services, leading to a decline in production, income and employment.

Which Term Refers to a Short Period of Falling Incomes