Explain how a recession is defined. What will be an ideal response?
QUESTION
Explain how a recession is defined.
What will be an ideal response?
ANSWER
Answer: A recession is defined as two or more consecutive periods of decline in GDP.
Explanation: A recession is a slowdown in the rate of growth. GDP is measured per annual quarter, so a slowdown in two or more consecutive periods counts as an overall pattern of recession.
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