A ________ is a period during which aggregate output declines.
A) decade
B) depression
C) recession
D) favorable balance of trade

Question

Quizplus · Accepted Answer

A recession is a period of economic decline, typically characterized by a decrease in GDP for two consecutive quarters. A depression is a severe and prolonged recession characterized by high unemployment, low economic output, and a general economic downturn. A decade is a period of ten years and does not necessarily indicate an economic decline. A favorable balance of trade refers to a situation in which a country exports more goods and services than it imports, which may be advantageous for the economy but does not necessarily relate to a period of economic decline.

A ________ Is a Period During Which Aggregate Output Declines