All Courses
Explore Courses UPSC Exam UPSC Test Series Free Notes EduRev Infinity Get the App Login Join for Free
Sign in Open App
BPSC (Bihar) Exam  >  BPSC (Bihar) Questions  >  Consider the following statements and choose ... Start Learning for Free
SaveJoin the Discussion on the App
Consider the following statements and choose the correct answer?
  • a)
    Slow - Although the growth rate is increasing slower than the previous quarter
  • b)
    Contraction – Decrease in total production as compared to the previous quarter
  • c)
    Recession - if contraction persists for 2 quarters
  • d)
    Meltdown – Fall in capital market
  • e)
    None of the above / More than one of the above
Correct answer is option 'D'. Can you explain this answer?
FREE This question is part of
Download PDF Attempt Test
Download PDF Attempt this Test
Most Upvoted Answer
Consider the following statements and choose the correct answer?a)Slow...
All the above definitions 1, 2, 3 and 4 are correct.
IMPORTANT FACTS
  • In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. 
  • Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
OPTIONS EXPLANATION
Meltdown is the going down the rate of a country's economic activity.
  • An economic downturn is a non-specifically defined term that refers to a growing financial crisis with wide-ranging effects. 
  • There are no specific factors that constitute an economic recession, but there are several possible causes.  
  • A severe national crisis, such as a war, can halt normal industries and destroy the economic ability to produce goods and services. Similarly, a tremendous natural disaster can destroy the infrastructure of a small country,  Thereby causing a very real panic for both basic needs and economic considerations.
Slowdown - A period of slow economic growth, especially one that is followed by a period of strong growth. 
  • Unlike a recession, economic growth during a recession is not necessarily negative.  
  • For example, a country whose GDP has experienced growth of 3%, 3.3% and 3.5% for three consecutive quarters, but then has seen growth of 3.51% and 3.52%, is not in recession but in a slowdown.
Contraction, in economics, refers to a phase of the business cycle in which the economy as a whole is in decline.
  • A contraction generally occurs after the business cycle peaks, but before it becomes a trough. According to most economists, when a country's real gross domestic product (GDP)—the most-watched indicator of economic activity—has declined for two or more consecutive quarters, then a recession has occurred.
  • As the economy plunges into a contraction, unemployment increases. Although no economic contraction lasts forever, it is difficult to assess just how long a downtrend will continue before it reverses.
  • For eg: The longest and most painful period of contraction in modern American history was the Great Depression, from 1929 to 1933.
A recession is a business cycle contraction, in which there is a general slowdown in economic activity over a period of time. 
  • A recession is when the economy contracts for at least two quarters.
  • During a recession, Macroeconomic indicators differ similarly.  Production, employment, investment spending, capacity utilization, household income, business profits and inflation all fall during recessions, as measured by gross domestic product (GDP);  While bankruptcies and unemployment rates have increased.
Free Test
FREE
Start Free Test
Start Free Test
Community Answer
Consider the following statements and choose the correct answer?a)Slow...
All the above definitions 1, 2, 3 and 4 are correct.
IMPORTANT FACTS
  • In economics, factors of production are the resources people use to produce goods and services; they are the building blocks of the economy. 
  • Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship.
OPTIONS EXPLANATION
Meltdown is the going down the rate of a country's economic activity.
  • An economic downturn is a non-specifically defined term that refers to a growing financial crisis with wide-ranging effects. 
  • There are no specific factors that constitute an economic recession, but there are several possible causes.  
  • A severe national crisis, such as a war, can halt normal industries and destroy the economic ability to produce goods and services. Similarly, a tremendous natural disaster can destroy the infrastructure of a small country,  Thereby causing a very real panic for both basic needs and economic considerations.
Slowdown - A period of slow economic growth, especially one that is followed by a period of strong growth. 
  • Unlike a recession, economic growth during a recession is not necessarily negative.  
  • For example, a country whose GDP has experienced growth of 3%, 3.3% and 3.5% for three consecutive quarters, but then has seen growth of 3.51% and 3.52%, is not in recession but in a slowdown.
Contraction, in economics, refers to a phase of the business cycle in which the economy as a whole is in decline.
  • A contraction generally occurs after the business cycle peaks, but before it becomes a trough. According to most economists, when a country's real gross domestic product (GDP)—the most-watched indicator of economic activity—has declined for two or more consecutive quarters, then a recession has occurred.
  • As the economy plunges into a contraction, unemployment increases. Although no economic contraction lasts forever, it is difficult to assess just how long a downtrend will continue before it reverses.
  • For eg: The longest and most painful period of contraction in modern American history was the Great Depression, from 1929 to 1933.
A recession is a business cycle contraction, in which there is a general slowdown in economic activity over a period of time. 
  • A recession is when the economy contracts for at least two quarters.
  • During a recession, Macroeconomic indicators differ similarly.  Production, employment, investment spending, capacity utilization, household income, business profits and inflation all fall during recessions, as measured by gross domestic product (GDP);  While bankruptcies and unemployment rates have increased.
< Previous Question Next Question >
Explore Courses for BPSC (Bihar) exam

Similar BPSC (Bihar) Doubts

Top Courses for BPSC (Bihar)View all

Top Courses for BPSC (Bihar)

Consider the following statements and choose the correct answer?a)Slow - Although the growth rate is increasing slower than the previous quarterb)Contraction – Decrease in total production as compared to the previous quarterc)Recession - if contraction persists for 2 quartersd)Meltdown – Fall in capital markete)None of the above / More than one of the aboveCorrect answer is option 'D'. Can you explain this answer?
Question Description
Consider the following statements and choose the correct answer?a)Slow - Although the growth rate is increasing slower than the previous quarterb)Contraction – Decrease in total production as compared to the previous quarterc)Recession - if contraction persists for 2 quartersd)Meltdown – Fall in capital markete)None of the above / More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? for BPSC (Bihar) 2024 is part of BPSC (Bihar) preparation. The Question and answers have been prepared according to the BPSC (Bihar) exam syllabus. Information about Consider the following statements and choose the correct answer?a)Slow - Although the growth rate is increasing slower than the previous quarterb)Contraction – Decrease in total production as compared to the previous quarterc)Recession - if contraction persists for 2 quartersd)Meltdown – Fall in capital markete)None of the above / More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? covers all topics & solutions for BPSC (Bihar) 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements and choose the correct answer?a)Slow - Although the growth rate is increasing slower than the previous quarterb)Contraction – Decrease in total production as compared to the previous quarterc)Recession - if contraction persists for 2 quartersd)Meltdown – Fall in capital markete)None of the above / More than one of the aboveCorrect answer is option 'D'. Can you explain this answer?.
Solutions for Consider the following statements and choose the correct answer?a)Slow - Although the growth rate is increasing slower than the previous quarterb)Contraction – Decrease in total production as compared to the previous quarterc)Recession - if contraction persists for 2 quartersd)Meltdown – Fall in capital markete)None of the above / More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for BPSC (Bihar). Download more important topics, notes, lectures and mock test series for BPSC (Bihar) Exam by signing up for free.
Here you can find the meaning of Consider the following statements and choose the correct answer?a)Slow - Although the growth rate is increasing slower than the previous quarterb)Contraction – Decrease in total production as compared to the previous quarterc)Recession - if contraction persists for 2 quartersd)Meltdown – Fall in capital markete)None of the above / More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Consider the following statements and choose the correct answer?a)Slow - Although the growth rate is increasing slower than the previous quarterb)Contraction – Decrease in total production as compared to the previous quarterc)Recession - if contraction persists for 2 quartersd)Meltdown – Fall in capital markete)None of the above / More than one of the aboveCorrect answer is option 'D'. Can you explain this answer?, a detailed solution for Consider the following statements and choose the correct answer?a)Slow - Although the growth rate is increasing slower than the previous quarterb)Contraction – Decrease in total production as compared to the previous quarterc)Recession - if contraction persists for 2 quartersd)Meltdown – Fall in capital markete)None of the above / More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? has been provided alongside types of Consider the following statements and choose the correct answer?a)Slow - Although the growth rate is increasing slower than the previous quarterb)Contraction – Decrease in total production as compared to the previous quarterc)Recession - if contraction persists for 2 quartersd)Meltdown – Fall in capital markete)None of the above / More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Consider the following statements and choose the correct answer?a)Slow - Although the growth rate is increasing slower than the previous quarterb)Contraction – Decrease in total production as compared to the previous quarterc)Recession - if contraction persists for 2 quartersd)Meltdown – Fall in capital markete)None of the above / More than one of the aboveCorrect answer is option 'D'. Can you explain this answer? tests, examples and also practice BPSC (Bihar) tests.
Explore Courses for BPSC (Bihar) exam

Top Courses for BPSC (Bihar)

Explore Courses

Suggested Free Tests

Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev
Get App
© EduRev
Education Revolution
Follow Us
Signup to see your scores go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup