A sharp reduction in a nation's GDP for more than a year accompanied by high unemployment is a(n)______.

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A sharp reduction in a nation's GDP for more than a year accompanied by high unemployment is a depression. This is a prolonged and severe economic downturn characterized by a substantial decline in economic activity, aggregate demand, and overall economic productivity. It is usually marked by lower consumer spending, reduced business investment, and rising levels of bankruptcies, defaults, and foreclosures, leading to high levels of job losses and widespread social and economic distress.

A Sharp Reduction in a Nation's GDP for More Than