A Recession Is a Decline in Real GDP Lasting at Least

question 67

Multiple Choice

A recession is a decline in real GDP lasting at least:

• A) one year.
• B) six months.
• C) three months.
• D) one month.

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Definitions:

Beginning Inventory

The initial worth of a firm's stock before any transactions, such as buys or sales, happen at the beginning of an accounting cycle.

Cost of Goods Sold

The direct expenses associated with manufacturing the products sold by a business.

Beginning Inventory

The cost of commodities available for trading at the commencement of an accounting interval.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory and subtracting the cost of goods sold.