In economics, a decline in output of less than __________ is referred to as a recession ; a deeper contraction is called a depression .
A) 5 percent
B) 10 percent
C) 20 percent
D) 25 percent

Question

Quizplus · Accepted Answer

A recession is typically defined as a decline in GDP of less than 10 percent, while a depression is a more severe contraction, often exceeding 10 percent.

In Economics, a Decline in Output of Less Than __________