It has become conventional classify a recession as a period where national output falls for _________ or more?
Correct answer: B. six months
- A. three years
- B. six months
- C. a year
- D. two years
Explanation
The conventional rule defines a recession as a fall in national output for at least two consecutive quarters, which is approximately six months. Some authorities use broader judgments, but six months is the standard textbook answer.
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