Which of the Following Is Not Correct with Regard to the Definition

question 13

Multiple Choice

Which of the following is not correct with regard to the definition of a recession as used by the NBER?

• A) A recession occurs whenever there is a dip in the growth rate.
• B) The exact length of time needed for a downturn to be declared a recession is not specified.
• C) Many key economic indicators are used, some of which may move in opposite directions.
• D) A recession is characterized by lower levels of economic activity.

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Definitions:

Empirically Tested

Evaluated or tested based on observations or experience rather than theory or pure logic.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.

Principle of Falsifiability

A criterion for scientific theories, asserting that for a theory to be considered scientific, it must be testable and potentially refutable.

Critical Thinking

The objective analysis and evaluation of an issue in order to form a judgment.