Final answer:
For a risk-averse investor during a recession, the utility industry should be included in the investment portfolio because it provides essential services that maintain steady demand, leading to stable earnings and dividends, unlike the banking, wireless technology, or forest products industries.
Step-by-step explanation:
The industry that would be most appropriate to include in the investment portfolio of a risk-averse investor during a recession is the utility industry. The utility industry is generally considered to be a defensive sector because people continue to need basic services like electricity, water, and gas, regardless of the economy's performance. These companies often provide stable dividends and are regulated, which can lead to predictable earnings. In contrast, during a recession, industries like the banking industry, wireless technology industry, and forest products industry can face significant challenges. Banks may experience a decline in their net worth as loan defaults increase. Similarly, the wireless technology industry might see a reduction in demand as businesses and consumers cut back on spending. While the forest products industry may also face reduced demand due to a slowdown in construction and manufacturing.