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Recession Quiz
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Recession Quiz

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@LushGrowth

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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
  • 95
  • 122 (correct)
  • 78

    • 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

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