Which of the following statements about recessions is true?
A)An old rule of thumb defining recession is two consecutive quarters of falling nominal GDP.
B)Recessions occur at regular intervals and last standard amounts of time.
C)There is no ironclad rule for the declaration of recessions.
D)Recessions are associated with low unemployment and high income.

Question

Quizplus · Accepted Answer

While there are commonly used definitions and indicators for recessions, such as the rule of two consecutive quarters of falling real GDP, there is no ironclad rule or universally agreed upon definition. Recessions can also vary in their length and severity.

Which of the Following Statements About Recessions Is True