chapter 6.3 part 2

Question 1

When was the most recent recession?

Answer 1

February 2020 - May 2020

Caused by the COVID-19 pandemic.

Question 2

How severe was the most recent recession?

Answer 2

This was the most severe recession since the 1930s Great Depression but also the shortest.

Question 3

What was the previous previous recession and how severe was it?

Answer 3

The Great Recession was also very severe and lasted 18 months.

Question 4

What was the longest expansion on record?

Answer 4

Starting in 2009, the trough from the Great Recession, was the longest on record - ending 128 months with the pandemic-induced recession.

Question 5

Who tracks business cycles for the US economy?

Answer 5

A private think tank, the National Bureau of Economic Research (NBER).

Question 6

What are the effects of a severe recession according to the NBER?

Answer 6

Often linger after the official ending date assigned by NBER.