Which among the following is / are features of recession in an economy?
1. High rate of unemployment
2. Rapid expansion of credit
3. Stagnant wages
4. Fall in retail sales
5. Fall in production
Choose the correct option from the codes given below:
Period of general economic decline, defined usually as a contraction in the GDP for six months (two consecutive quarters) or longer. Marked by high unemployment, stagnant wages, and fall in retail sales, a recession generally does not last longer than one year and is much milder than a depression. Although recessions are considered a normal part of a capitalist economy, there is no unanimity of economists on its causes. A credit boom is driven by a rapid expansion of credit to the private sector accompanied by rising asset prices.
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