Which of the following is the best definition of a recession?
A) period that follows two consecutive quarters of declines in the level of real GDP
B) significant, widespread decline in real income and employment
C) period that follows a stock market crash
D) period that has a persistent low employment rate

Question

Quizplus · Accepted Answer

A recession is typically defined as a significant decline in economic activity that is widespread across the economy, lasting more than a few months, and is visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Which of the Following Is the Best Definition of a Recession