The big difference between the Great Recession and the recession of 1982 was
A) how the economy recovered after the recessions had officially ended.
B) the increase in the unemployment rate that occurred during each recession.
C) the quarterly real GDP growth rates at the official start of each recession.
D) the length of each recession.
E) the total decline in the economy during each recession.

Question

Quizplus · Accepted Answer

While both recessions resulted in significant increases in the unemployment rate and declines in the economy, the Great Recession featured a much slower recovery with lower GDP growth rates and a longer period of high unemployment. In contrast, the recovery after the 1982 recession was much faster and featured strong GDP growth rates and a quicker decline in unemployment. Therefore, the big difference between the two recessions was how the economy recovered after the recessions had officially ended.

The Big Difference Between the Great Recession and the Recession