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:

Natural Monopoly

A market condition in which a single firm can produce the entire market output at a lower cost than could be achieved by multiple competing firms.

Better Society

A concept or vision of a community or nation where living conditions, opportunities, and welfare are improved for all its members.

Social Regulation

Laws and rules designed to protect public welfare, including health, safety, and environmental quality.

Industrial Regulation

The set of laws and rules governing the operation and behaviors of companies within specific sectors to ensure fair competition and protect consumers.