The period when output and living standards decline is referred to as:
A) Inflation
B) Economic decline
C) An inventory downturn
D) A recession

Question

Quizplus · Accepted Answer

A recession is a period of time when there is a decline in economic output for two or more consecutive quarters. During a recession, there is often a decrease in living standards and high levels of unemployment. Inflation refers to a general increase in prices, while an inventory downturn is a decrease in the amount of goods held in inventory by businesses. Economic decline is a broad term that can refer to several different situations, but it does not specifically refer to a period of decline in output and living standards.

The Period When Output and Living Standards Decline Is Referred