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9 June, 09:14

A period during which real gdp declines is called a recession. True or False

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  1. 9 June, 10:18
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    True

    Explanation:

    Recession is a term that describes a period of a significant reduction in the general economic activities in a country. It is a season of economic downturn characterized by reduced industrial production, a high unemployment rate, low-income levels, and a decline in trading activities. Recession is one of the naturally occurring business cycles.

    The declining value of real GDP indicates a recession. Real GDP is nominal or stated GDP adjusted for inflation. A decline in real GDP tells that the economy is slowing down. Two or more consecutive seasons of slow growth that results in low or negative real GDP communicates a recession.
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