The Standard Definition of "Recession" Is

question 5

Multiple Choice

The standard definition of "recession" is

• A) a period of a positive frictional unemployment rate.
• B) two consecutive quarters of falling Real GDP.
• C) the lowest point in a business cycle.
• D) a period of negative inflation.

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Definitions:

Shortcuts

Simplified ways of accomplishing a task or finding a solution more efficiently.

Mental Set

A framework of thinking, including habits, attitudes, and experiences, that shapes how an individual perceives and responds to situations.

Functional Fixedness

A mental bias that restricts an individual to employing an item solely in its conventional use, obstructing the resolution of problems.

Nine Dot Problem

A puzzle that challenges individuals to connect nine dots arranged in a square grid using four straight lines or fewer, without lifting the pen from the paper.