The Generally Accepted Definition of a Recession Is

question 49

Multiple Choice

The generally accepted definition of a recession is

• A)two consecutive quarters of declining real GDP.
• B)two consecutive quarters of declining nominal GDP.
• C)a significant decline in activity visible in industrial production, employment, real income, and wholesale/retail trade lasting more than a few months.
• D)a significant decline in inflation and unemployment lasting more than a few months.
• E)9 months of rising unemployment and falling inflation.

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Definitions:

Self-Respect

A positive valuation of oneself, characterized by feelings of worth and dignity.

Self-Sufficiency

The ability to fulfill all of one's needs independently, without reliance on external resources.

Job Descriptive Index

A standardized survey instrument that measures an employee's job satisfaction across five dimensions.

Tough-Mindedness

A psychological trait characterized by critical and rigorous evaluation of facts before making decisions.