21. A standard definition of recession is A) an increase in unemployment from one month to the next. B) a period of expansion in many sectors of the economy. C) an increase in GDP that lasts for at least 2 consecutive quarters. D) a decrease in GDP that lasts for at least 2 consecutive quarters.

21. A standard definition of recession is A) an increase in unemployment from one month to the next. B) a period of expansion in many sectors of the economy. C) an increase in GDP that lasts for at least 2 consecutive quarters. D) a decrease in GDP that lasts for at least 2 consecutive quarters.

Principles of Economics, 7th Edition (MindTap Course List)

7th Edition

ISBN:9781285165875

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter33: Aggregate Demand And Aggregate Supply

Section: Chapter Questions

Problem 1QCMC

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macroeconomics - gdp

21. A standard definition of recession is
A) an increase in unemployment from one month to the next.
B) a period of expansion in many sectors of the economy.
C) an increase in GDP that lasts for at least 2 consecutive quarters.
D) a decrease in GDP that lasts for at least 2 consecutive quarters.

Definition Video Definition Overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period. Video

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22. Which of the following is the technical definition of a recession? A. a fall in GDP for four consecutive quarters B. a rise in unemployment for two consecutive quarters C. a fall in GDP for two consecutive quarters D. a rise in unemployment for four consecutive quarters
3- The lowest part of a recession is referred to as its _________. a. Depression b. Boom c. Peak d. Trough
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