Distinguish between a recession and an economic depression, highlighting key characteristics that differentiate the two. Selected answer will be automatically saved. For keyboard navigation, press up/down arrow keys to select an answer. a Recessions are short-lived economic downturns with mild impacts, while depressions are prolonged periods of severe economic contraction. b Economic depressions involve increased economic activity and growth, while recessions signify a decline in overall productivity. c Recessions are characterized by declining GDP, rising unemployment, and decreased consumer spending, whereas depressions feature short-term economic challenges. d Both recessions and depressions have identical features, with the terms used interchangeably to describe economic downturns