A Standard Definition of Recession Is

question 219

Multiple Choice

A standard definition of recession is

• A)a period of expansion in many sectors of the economy.
• B)an increase in GDP that lasts for at least 6 months.
• C)a decrease in GDP that lasts for at least 6 months.
• D)an increase in unemployment from one month to the next.
• E)a period of time when the unemployment rate exceeds 6.5 percent.

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Definitions:

Economic Development

The process of improving economic well-being and quality of life through growth and restructuring of an economy's sectors.

Birth Rate

The number of live births per thousand people in a population over a given period of time.

Malthus's Prediction

Refers to Thomas Malthus's theory that population growth would outpace the growth of food supply, leading to widespread poverty and famine.

Less Developed Countries

Nations with a lower living standard, undeveloped industrial base, and low Human Development Index relative to other countries.