In Many Countries, Economists Adopt the Rule That a Recession

question 124

Multiple Choice

In many countries, economists adopt the rule that a recession is a period of at least _____ during which aggregate output falls.

• A) one quarter
• B) two consecutive quarters
• C) three consecutive quarters
• D) a full year

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Definitions:

Sales Tax

A tax imposed by government authorities on the sale of goods and services, paid for by the consumer at the point of purchase.

Sales Tax

A tax levied by a government on the sale of goods and services, usually calculated as a percentage of the purchase price.

Sales Tax

A government-imposed tax on the sale of goods and services, collected by retailers at the point of sale.

Tax Rate

The percentage at which an individual or corporation is taxed by the government on income or property.