Economists Define a Recession as Two or More Consecutive Three-Month

question 114

True/False

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

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Definitions:

Direct Labor-Hours

The total hours worked directly on manufacturing goods or providing services.

Manufacturing Overhead

Indirect costs related to manufacturing that do not include direct materials or direct labor.

Predetermined Overhead Rate

A rate calculated before the accounting period begins, used to allocate overhead costs to products or services.

Machine-Hours

A measure of production output or operational time, calculated by the number of hours machines are running.