Exhibit 7-4 -Refer to Exhibit 7-4. Did Country a Experience a Recession

question 133

Multiple Choice

Exhibit 7-4

-Refer to Exhibit 7-4. Did Country A experience a recession (based on the standard definition) in 2012?

• A) Yes, because Real GDP declined during two consecutive quarters in 2012
• B) No, because Real GDP did not decline during three consecutive quarters in 2012.
• C) Yes, because Real GDP was lower at the end of the year than it was at the beginning of the year.
• D) This information cannot be determined because the determination of a recession is based upon GDP not Real GDP.

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