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Questions and Answers
What characterizes a recession?
What characterizes a recession?
- Positive economic growth and decline in national output
- Negative economic growth and increase in national output
- Positive economic growth and increase in national output
- Negative economic growth and decline in national output (correct)
When does the economy reach the trough in a recession?
When does the economy reach the trough in a recession?
- At the beginning of the recession
- When real GDP remains constant
- When real GDP reaches a low point at the end of the recession (correct)
- When real GDP reaches its peak
What is an economic slump?
What is an economic slump?
- A prolonged and deep recession leading to a significant fall in output and average living standards (correct)
- A period of stable economic conditions with no change in output or living standards
- A short and shallow recession with minimal impact on output and living standards
- A period of high economic growth with a significant rise in output and living standards
What does a recession signify?
What does a recession signify?
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What occurs when the economy reaches the trough in a recession?
What occurs when the economy reaches the trough in a recession?
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How does an economic slump differ from a recession?
How does an economic slump differ from a recession?
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