How long must a country’s economy and GDP be in decline for its economic condition to be considered a recession? A. eight months
B. six months
C. seven months
D. five months
How long must a country’s economy and GDP be in decline for its economic condition to be considered a recession?
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The correct answer is B. six months.
A recession is typically defined as a significant decline in economic activity that lasts for an extended period, usually identified as two consecutive quarters, which is roughly six months, of negative GDP growth. This decline indicates a downward trend in the economy, affecting various sectors such as employment, investment, and consumer spending.