Asked by richard chiem on May 21, 2024
Verified
The longest expansion since records have been kept began in
A) March 1991.
B) November 1982.
C) July 1980.
D) March 1975.
Expansion
The process of a business or economy growing and increasing its production and activities.
Records
Documents, files, or electronic data that provide evidence of activities, transactions, or decisions, or can refer to vinyl discs used for playing music.
- Identify and describe phases of the business cycle (expansion, peak, recession, trough).
- Identify periods of significant economic changes post-1945.
Verified Answer
DM
Daniel Myers
May 25, 2024
Final Answer :
A
Explanation :
The National Bureau of Economic Research (NBER) defines a recession as a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales. Therefore, the longest expansion since records have been kept is the period from March 1991 to March 2001, as this was the longest sustained economic expansion in U.S. history.
Learning Objectives
- Identify and describe phases of the business cycle (expansion, peak, recession, trough).
- Identify periods of significant economic changes post-1945.