Asked by Jocelyn Bello-Paez on Jul 30, 2024
Verified
Statement I: Our economy is expanding a majority of the time.
Statement II: We have had only two recessions since 1945 that lasted over one year.
A) Statement I is true and statement II is false.
B) Statement II is true and statement I is false.
C) Both statements are true.
D) Both statements are false.
Economy Expanding
A phase where a nation's economic activity is growing, marked by increased production, employment, and consumption.
Recessions
Economic downturns marked by decreasing industrial production, employment, and sales, often lasting from a few months to more than a year.
- Interpret the economic conditions that lead to recession and expansion phases.
Verified Answer
ZK
Zybrea KnightAug 04, 2024
Final Answer :
C
Explanation :
Statement I is true as economic expansion is a long-term trend for most economies, including the US. Statement II is also true as there have been only two recessions in the US since 1945 that lasted over a year, which are the 1973-75 recession and the 2008-09 recession.
Learning Objectives
- Interpret the economic conditions that lead to recession and expansion phases.