Recession - GS questions based on daily current affairs

1)   Which of the following statements is / are correct?

1. An economic contraction when GDP declines for two consecutive quarters is usually called a recession.

2. A severe recession with a 10% decline in GDP is usually called a depression.


a. Only 1
b. Only 2
c. Both
d. None
Answer  Explanation 

ANSWER: Both

Explanation:
No explanation is available for this question!