An extremely severe recession is known as a
A) trough.
B) peak.
C) contraction.
D) depression.

Question

Quizplus · Accepted Answer

An extremely severe recession is known as a depression. It is characterized by a long-term decline in economic activity, high unemployment rates, and significant reductions in GDP. Depressions can have far-reaching consequences on individuals and societies, and can take years or even decades to recover from. The Great Depression of the 1930s is a well-known example of a severe economic depression.

An Extremely Severe Recession Is Known as a