Economists Define a ____ as Two Consecutive Three-Month Periods of Decline

question 63

Multiple Choice

Economists define a ____ as two consecutive three-month periods of decline in a country's gross domestic product.

• A) repression
• B) prosperity
• C) recession
• D) trough
• E) recovery

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Definitions:

Married Filing Jointly

A filing status for married couples that have chosen to combine their income and deductions on a single tax return.

Divorced

A marital status indicating that a person has legally ended their marriage.

Income Tax Return

A document filed with a tax authority that reports income, expenses, and other pertinent tax information, used to calculate tax liability.

Basic Standard Deduction

The preset amount subtracted from income that is not subject to federal income tax, differing by filing status and not requiring itemization.