
High

Explanation of Solution
Typically, the recession can be defined as the declining
Recession:A recession is a phase in the business cycle where the employment rate will fall and the economy will face the fall in productivity and move towards depression.
RUnemployment rate:Unemployment rate refers to the percentage unemployed people in the labor force. Unemployment is a state which occurs in an economy when the able and willing person cannot find any work or job. But, these people are keenly seeking for jobs.
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Chapter 22 Solutions
Principles of Economics (12th Edition)
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