If We Compare the Great Depression with the Great Recession

question 3

Multiple Choice

If we compare the Great Depression with the Great Recession, we see that

• A)the Great Recession was more severe but of much shorter duration than the Great Depression
• B)unemployment reached 24% in the Great Depression but only 12% in the Great Recession
• C)both economic downturns were the result of a major stock market crash
• D)the policy responses to the Great Recession were much more immediate and massive than the responses to the Great Depression
• E)all of the above

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Definitions:

Vertical Hierarchy

An organizational structure where power and decision-making authority flow from the top down through various levels of management.

Division of Labor

Refers to the allocation of tasks among a set of individuals or groups within an organization, aimed at improving efficiency and productivity.

Boundary-Spanning Subsystem

Components of an organization that interact with the external environment to obtain inputs and distribute outputs, facilitating the exchange of information and resources.

Management and Labor

The two key groups in a workplace, where management is responsible for making decisions and directing operations, and labor refers to the workforce that executes tasks under management's direction.