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.

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter23: Aggregate Demand And Aggregate Supply

Section: Chapter Questions

Problem 1CQQ

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Question

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.

Branch of economics that analyzes the behavior and performance of an economy as a whole. It focuses on the study of aggregates and evaluates changes related to unemployment, gross domestic product, inflation, monetary and fiscal policies of the government.

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