Final answer:
False,A recession is not officially defined as a period of two consecutive quarters of declining employment. It is defined as a period of decline in total output, income, employment, and trade, marked by widespread contractions in many sectors of the economy.
Step-by-step explanation:
A recession is officially defined as a period of two consecutive quarters of declining employment.
This statement is false. A recession is actually defined as a period of decline in total output, income, employment, and trade, usually lasting six months to a year and marked by widespread contractions in many sectors of the economy.
The National Bureau of Economic Research (NBER) determines when a recession begins and ends based on various economic indicators, not just declining employment for two consecutive quarters.