1. Define recession and expansion. What are the begining and ending points of a recession called? In postwar Canada, which have been longer on average, recessions or expansions? LO1, LO2 Solution Recession - A significant decline in activity regarding the economy. A recession usually declines such matters as employment, industrial production, real income, and wholesale-retail trade. A recession is measured in two consecutive terms of negative economic growth by the country\'s gross domestic product. Expansion - The period of economic growth after a recovery in which the increase of GDP is due to increases of productivity and addition of new economic capacity, rather than utilization of idle capacity. Recession was there for much longer duration in Canada post-war .

1. 1. Define recession and expansion. What are the begining and ending points of a recession
called? In postwar Canada, which have been longer on average, recessions or expansions? LO1,
LO2
Solution
Recession - A significant decline in activity regarding the economy. A recession usually declines
such matters as employment, industrial production, real income, and wholesale-retail trade. A
recession is measured in two consecutive terms of negative economic growth by the country's
gross domestic product.
Expansion - The period of economic growth after a recovery in which the increase of GDP is
due to increases of productivity and addition of new economic capacity, rather than utilization of
idle capacity.
Recession was there for much longer duration in Canada post-war