An Economy That Experiences Two or More Consecutive Quarters of Decreases

question 228

Multiple Choice

An economy that experiences two or more consecutive quarters of decreases in real GDP is experiencing a(n)

• A) recession.
• B) trough.
• C) peak.
• D) expansion.
• E) deflation.

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Definitions:

False Consciousness

A term used in Marxist theory to describe the way in which material, ideological, and institutional processes in capitalist society mislead the proletariat about their real interests.

Inequality

The unequal distribution of resources, rights, and opportunities among individuals or groups within a society.

Class Consciousness

Awareness of one's own social class position and the collective interests of that class.

Industrial Capitalism

An economic system characterized by private or corporate ownership of capital goods and the production of goods and services for profit within an industrial framework.