THE GREAT DEPRESSION 1929 1940
THE GREAT DEPRESSION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Longer than a recession, it is a severe decline in a country’s trade and industrial activity.
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Equal to a recession in time but a more severe decline in market activity
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It is defined as slow market growth and one or more years of high unemployment.
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(a) It is defined as the stress people feel when the stock market under-performs
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Detailed explanation-1: -What Is a Depression? A depression is a severe and prolonged downturn in economic activity. A depression may be defined as an extreme recession that lasts three or more years or which leads to a decline in real gross domestic product (GDP) of at least 10% in a given year.
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: -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-4: -Expansion is the normal state of the economy; most recessions are brief and they have been rare in recent decades. While there is also no standard definition for depression, it is commonly defined as a more severe version of a recession.