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:

Government Intervention

Actions taken by government to influence or regulate economic activity, often to achieve economic or social objectives.

Budget Deficits

The situation where a government's expenditures surpass its revenues within a specified period, leading to a shortfall that requires borrowing.

1930s

refers to the decade known for the Great Depression, a severe worldwide economic downturn that lasted from 1929 to 1939.

Economic Behaviorists

Scholars or researchers who study how psychological and emotional factors affect the economic decisions of individuals or institutions.