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A common definition of a recession is a period of time



1) Which of the following are parts of the business cycles?
A) peak and potential GDP
B) real GDP and potential GDP
C) recession and expansion
D) inflation and recession
2) Which of the following is TRUE regarding business cycles?
I. Cycles are predictable.
II. In each cycle, a peak follows an expansion.
III. Potential GDP fluctuates around real GDP.
A) I and II
B) I and III
C) II and III
D) II only
3) A common definition of a recession is a time with
A) a decline in the price level.
B) a decline in interest rates.
C) a decrease in real GDP for two or more successive quarters.
D) a decrease in real GDP for two or more successive years.
4) A recession is commonly defined as a period with
A) negative growth rate in real GDP that lasts at least one quarter.
B) positive growth rate in real GDP that lasts at least one quarter.
C) positive growth rate in real GDP that lasts at least two quarters.
D) negative growth rate in real GDP that lasts at least two quarters.
5) A common definition of a recession is a period of time
A) of at least 6 months during which real GDP decreases.
B) with an increase in real economic output from the previous period.
C) with no change in real GDP.
D) with no change in the dollar (money) value of economic output.




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