According to the Traditional Definitions, a Recession Is Two or More

question 58

Multiple Choice

According to the traditional definitions, a recession is two or more quarters of:

• A)negative nominal Gross Domestic Product (GDP) growth.
• B)negative real GDP growth.
• C)a rate of inflation which exceeds real GDP growth.
• D)declining growth in real past GDP.

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Definitions:

Labor Income

Earnings derived from employment, including wages, salaries, bonuses, and other compensation for work performed.

Lump Sum Payment

A single payment made at a particular time, as opposed to a series of payments made over time.

Leisure

Free time available to an individual excluding time spent on work, essential activities, or commitments.

Bushel

A volume measure used in agriculture, particularly in the United States, equivalent to 8 dry gallons or about 35.24 liters.