Question

Imagine that unemployment increases to record levels. The economy is in

Answer 1

Recession

Step-by-step explanation:

A recession is the name given to an economic situation in which there is a decline on economic activity. Recessions have an enormous impact on all economic aspects, including GDP, income, levels of employment, industrial production, etc. There are many reasons for a recession to occur, such as a financial crisis, or an economic bubble. However, governments can take some actions in order to reduce the impact of these situations, such as increasing the money supply or decreasing taxation.

Answer 2

Answer: Recession

Explanation:

Hi, a recession is when the economy declines significantly for at least six months. There's a drop in the following five economic indicators: real gross domestic product, income, employment, manufacturing, and retail sales.

The National Bureau of Economic Research defines a recession as "a period of falling economic activity spread across the economy, lasting more than a few months.”

So, if the unemployment increases to record levels. The economy is in recession.