PRC-3 · Chapter 15 · Question 38 of 44
An unusually deep and prolonged trough in the business cycle, where economic activity remains severely paralyzed with massive unemployment for years, is historically termed a:
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: A) Depression
Explanation
A depression is an extreme, severe, and long-lasting form of a recession, representing the absolute bottom of a major cycle.
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