10 Questions
What is a recession technically defined as?
2 quarters of negative GDP growth
How is a recession defined in the United States?
A significant decline in economic activity spread across the market
What is typically used to measure business cycles?
Real Gross Domestic Production
What varies over time in individual episodes of expansion/recession?
Duration and intensity
How are business cycle fluctuations usually characterized?
By general upswings and downturns in macroeconomic variables
What is a recession technically defined as?
A significant decline in economic activity lasting more than a few months
What is typically used to measure business cycles?
Real Gross Domestic Production
How are business cycle fluctuations usually characterized?
General upswings and downturns in macroeconomic variables
What varies over time in individual episodes of expansion/recession?
The duration and intensity
What are the implications of business cycle fluctuations?
Implications for the welfare of the broad population as well as for private institutions
Test your knowledge of business cycles and economic downturns in this quiz. Explore the definitions and characteristics of recessions, including their impact on GDP, income, and employment. Gain insights into the various factors and indicators that define and measure economic downturns.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
