Question

question 3
2 pts
in what way(s) was the 2008 recession worse than any other since the great depression?
unemployment rose to a higher level than any other recession
gdp fell (peak to trough) for more months than in any other recession
in no sense. this was an average, mild recession.
us real gdp fell further than in any other recession
the inflation rate was higher during this recession than any other.
the unemployment rate has taken longer to recover (peak to below-6.0%) than in any other recession.

Explanation:

• Unemployment in the 2008 recession did not reach higher levels than some post-Great Depression recessions (e.g., the 1980s recession had higher peak unemployment).
• GDP fell for 18 months in the 2008 recession, which is longer than any other post-Great Depression recession (previous longest was 16 months).
• The 2008 recession was severe, not mild/average.
• US real GDP fell 4.3% in the 2008 recession, which is less than the 10% drop in the 1958 recession.
• Inflation was low during the 2008 recession, not higher than other recessions.
• The unemployment rate took until 2015 to fall below 6.0% from its 2009 peak, which is a longer recovery period than any post-Great Depression recession.

Answer:

GDP fell (peak to trough) for more months than in any other recession
The unemployment rate has taken longer to recover (peak to below-6.0%) than in any other recession.