THE GREAT DEPRESSION 1929 1940
PRESIDENT HERBERT HOOVER AND THE GREAT DEPRESSION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A depression is worse than a recession.
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A recession is worse than a depression.
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They are not different-the words are synonyms.
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A depression happens more often than a recession.
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Detailed explanation-1: -A recession is a downtrend in the economy that can affect production and employment, and produce lower household income and spending. The effects of a depression are much more severe, characterized by widespread unemployment and major pauses in economic activity.
Detailed explanation-2: -A recession is a widespread economic decline that typically lasts between two and 18 months. 1 A depression is a more severe downturn that lasts for years. The most famous depression in U.S. history was the Great Depression. It lasted a decade.
Detailed explanation-3: -The Great Recession took place during the period from December 2007 to June 2009, which is more than 1.5 years. The Great Depression took place during the period from August 1929 to March 1933, which is more than 3.5 years. However, the lingering effects continued till the late 1930s.