47. What is the difference between a recession and a depression? A depression is a particularly severe and long-lasting form of recession. A depression occurs at the peak of the business cycle, while a recession occurs during a contraction. A depression is caused by government inaction, while a recession is a natural feature of the business cycle. A depression is the opposite of a recession.

47. What is the difference between a recession and a depression? A depression is a particularly severe and long-lasting form of recession. A depression occurs at the peak of the business cycle, while a recession occurs during a contraction. A depression is caused by government inaction, while a recession is a natural feature of the business cycle. A depression is the opposite of a recession.

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter36: Six Debates Over Macroeconomic Policy

Section: Chapter Questions

Problem 1PA

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Similar questions

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