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Question
_______ means a fall in the level of real national output i.e. a period when the rate of economic growth is negative.
_______ means a fall in the level of real national output i.e. a period when the rate of economic growth is negative.
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Solution
The correct option is C Economic recession
An economic
recession is typically defined as a decline
in gross domestic product (GDP) for two or more consecutive quarters. GDP is
the market value of all goods and services produced within a country in a given
period of time. In economics, a
recession is a business cycle contraction when there is a general decline in
economic activity. Recessions generally occur when there is a widespread drop
in spending
An economic recession is typically defined as a decline in gross domestic product (GDP) for two or more consecutive quarters. GDP is the market value of all goods and services produced within a country in a given period of time. In economics, a recession is a business cycle contraction when there is a general decline in economic activity. Recessions generally occur when there is a widespread drop in spending
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