Some call the Great Recession the:
A) period when the economy does not grow for four consecutive quarters.
B) recession that began in 2007 due to the decline in consumer spending when the housing bubble burst.
C) period of high inflation that took place in the early 1970s.
D) period of economic stagnation that took place in the early 1990s.

Question

Quizplus · Accepted Answer

The Great Recession refers specifically to the recession that began in 2007 and was caused by the collapse of the housing market and subsequent decline in consumer spending. It is not simply a period of economic stagnation or inflation, nor is it defined by a specific length of time without economic growth.

Some Call the Great Recession The