Economics · Macroeconomics
In economic terms, a 'Depression' is best defined as:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A short-term decline in economic activity lasting less than six months
- 2A severe and prolonged downturn in economic activity characterized by a major collapse in GDP and high unemployment✓
- 3An economic scenario characterized by hyperinflation and rapid currency depreciation
- 4A seasonal reduction in industrial production and corporate profits
Correct answer
A severe and prolonged downturn in economic activity characterized by a major collapse in GDP and high unemployment
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