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Recession Quiz

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Questions and Answers

What is a common rule of thumb used to define a recession?

A widespread decline in nonfarm payrolls

Two consecutive quarters of negative GDP growth (correct)

A significant decrease in industrial production

A prolonged decrease in retail sales

How do economists at the National Bureau of Economic Research (NBER) measure recessions?

By focusing solely on GDP growth

By considering only consumer spending patterns

By looking at nonfarm payrolls, industrial production, and retail sales (correct)

By analyzing stock market performance

According to the International Monetary Fund (IMF), how many recessions affected advanced economies between 1960 and 2007?

150

122 (correct)

Why can declines in economic output and employment caused by recessions become self-perpetuating?

<p>Declining consumer demand prompts companies to lay off staff, affecting consumer spending power</p> Signup and view all the answers

What has been the trend for the frequency and duration of recessions in recent years?

<p>Less frequent and shorter in duration</p> Signup and view all the answers

Recession Quiz

Choose a study mode

Podcast

Questions and Answers

What is a common rule of thumb used to define a recession?

How do economists at the National Bureau of Economic Research (NBER) measure recessions?

According to the International Monetary Fund (IMF), how many recessions affected advanced economies between 1960 and 2007?

Why can declines in economic output and employment caused by recessions become self-perpetuating?

What has been the trend for the frequency and duration of recessions in recent years?

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