According to Some Economic Historians, the First True Modern Recession

question 39

Multiple Choice

According to some economic historians, the first true modern recession took place in:

• A) the United States in 1854.
• B) Britain in 1825.
• C) Russia in 1860.
• D) Japan in 1890.

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Definitions:

Long-term Effects

The impact or outcomes of actions, policies, or events that are not immediate but unfold over a longer period.

Rational Decision Makers

Individuals or entities that make decisions by systematically considering all available information and maximizing their utility based on preferences.

Neoclassical Economists

Economists who focus on the determination of goods, outputs, and income distributions in markets through supply and demand.

Economic Behaviors

Actions, decisions, or habits of individuals, groups, or organizations that influence economic outcomes, such as spending, saving, and investing.