A relaively mild period of falling incomes and rising unemployment is called a
A) depression.
B) recession.
C) expansion.
D) business cycle.

Question

Quizplus · Accepted Answer

A recession is a relatively mild downturn in economic activity characterized by falling incomes and rising unemployment. A depression, on the other hand, is a more severe and prolonged economic decline, while an expansion refers to a period of economic growth and high employment. The business cycle is a term used to describe the regular fluctuations in economic activity, including periods of expansion, recession, and recovery.

A Relaively Mild Period of Falling Incomes and Rising Unemployment