Which statement(s) is/are TRUE? I. The 18-month economic downturn that lasted from December 2007 to July 2009 was dubbed the Great Depression.
II) The economic recovery that took place after the 2007-2009 economic downturn was slow, requiring many years for economic indicators to return to their prerecession levels.
III) The housing boom of 2003-2007 did not contribute to the 2007-2009 economic downturn.

Question

Quizplus · Accepted Answer

Statement I is false because the 18-month economic downturn is technically referred to as the Great Recession, not the Great Depression. Statement III is also false because the housing boom of 2003-2007 did contribute to the 2007-2009 economic downturn. Therefore, only statement II is true - the economic recovery was slow and took many years for economic indicators to return to their prerecession levels.

Which Statement(s) Is/are TRUE? I