A recession is best defined as a period during which
A)the percentage of the population employed is declining
B)employment,output,and income decline
C)the price level is declining
D)more resources are used
E)the budget deficit and trade deficit are both growing

Question

Quizplus · Accepted Answer

A recession is characterized by a decline in employment, output, and income. This means that fewer people are employed, the production of goods and services is decreasing, and individuals have less income available to spend. The other options are not accurate definitions of a recession.

A Recession Is Best Defined as a Period During Which