A recession would be a decline in real GDP for at least

A) one business quarter.
B) two business quarters.
C) one business year.
D) two business years.
E) five business years.

Recession

An appreciable fall in economic activities spread throughout the economy, continuing for longer than a few months, typically observed in real GDP, real income, employment, industrial production, and wholesale-retail sales.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of goods and services produced in an economy at constant prices.

Business Quarters

Divisions of the fiscal year into four equal parts, typically three months each, used by businesses to report earnings and assess performance.