Business Cycles and Recessions Quiz

Business cycles are intervals of expansion followed by recession in economic activity.

A recession is sometimes technically defined as 2 quarters of negative GDP growth, but definitions vary.

In the United States, a recession is defined as 'a significant decline in economic activity spread across the market, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.'

<p>Business cycle fluctuations are usually characterized by general upswings and downturns in a span of macroeconomic variables.</p> Signup and view all the answers

<p>The technical term 'stochastic cycle' is often used in statistics to describe the changing duration and intensity of expansion/recession episodes.</p> Signup and view all the answers