A decline in real GDP for at least two consecutive quarters is referred to as:
A) A recession.
B) A depression.
C) Deflation.
D) Inflation.

Question

Quizplus · Accepted Answer

A decline in real GDP for at least two consecutive quarters is referred to as a recession. This means that there is a significant decrease in economic activity and output, leading to a contraction in the overall economy. A depression is a severe and prolonged recession, usually characterized by high levels of unemployment and a significant drop in economic activity. Deflation and inflation refer to changes in the level of prices of goods and services.

A Decline in Real GDP for at Least Two Consecutive