A Recession Has Traditionally Been Defined as a Period During

question 40

Multiple Choice

A recession has traditionally been defined as a period during which

• A)nominal GDP declines for two consecutive quarters.
• B)nominal GDP declines for four consecutive quarters.
• C)real GDP declines for two consecutive quarters.
• D)real GDP declines for four consecutive quarters.

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Definitions:

Head of Household

A tax filing status for unmarried taxpayers who provide more than half the cost of maintaining a home for a qualifying person.

Adoption Credit

A tax credit offered to adoptive parents to cover some of the costs associated with the legal adoption of a child.

Special Rules

Regulations or provisions that apply in specific situations, often modifying or exempting certain transactions or entities from the general rules of tax law.

AGI

The total income earned by an individual in a year minus specific deductions allowed by the tax code, recalculated for emphasis as foundational in the determination of taxable income.