What is the economic term when Gross Domestic Product (GDP) temporarily declines for two consecutive quarters (six months)?ResponsesRecessionRecessionExpansionExpansionDepressionDepressionInflation

If the economy of a country experiences negative growth for at least 2 quarters, this is called:Multiple Choicea recessiondeflationinflationprice gouginggross domestic product

What is the economic term used to describe a period of rising prices when the purchasing power of the dollar is falling?ResponsesRecessionRecessionDepressionDepressionDeflationDeflationInflation

During an economic recession, when real GDP falls, unemployment usually               .Group of answer choicesfallsrisesstays the samefalls or rises

During this phase, output and employment are rising and so is consumer spending.Select one:a. Double Dip Recessionb. Expansionc. Recoveryd. Contraction

A declining GDP and a rising unemployment rate are most likely indicators that an economy is in which phase of the business cycle?A.TroughB.PeakC.ExpansionD.Contraction