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home assignments in Chapter 22 - 1 A period in which the...

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1. A period in which the economy is growing at a rate significantly below normal is called a(n): A. expansion. B. boom. C. peak. D. recession. 2. An informal definition of a recession is at least ___ consecutive quarters of declining real GDP. 3. During recessions the change in real GDP is: 4. A depression is: 5. In reference to short-term economic fluctuations, the "peak" refers to: A. a period in which the economy is growing at a rate significantly above normal. B. the high point of economic activity prior to a downturn. C. the low point of economic activity prior to a recovery. D. a particularly strong and protracted expansion.
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