A Common Definition of a Recession Is a Period of Time

question 172

Multiple Choice

A common definition of a recession is a period of time

• A) with no change in the dollar (money) value of economic output.
• B) with an increase in real economic output from the previous period.
• C) with no change in real GDP.
• D) of at least 6 months during which real GDP decreases.

---

Definitions:

Secondarily Liable

Liability that is not primary but comes into effect when the party with primary liability has failed to fulfill an obligation.

Indorsers

Individuals who endorse or sign their name on the back of a document or cheque, thus transferring responsibility or ownership to another party.

Drawers

In banking and finance, individuals or entities that write and issue a check or draft instructing a bank to pay a specific amount from the drawer's account.

Accommodation Maker

A person who signs a loan agreement as a guarantor without receiving any benefits from the loan.