In the first quarter of the year, Real GDP was $400 billion; in the second quarter, it was $398 billion; in the third quarter, it was $399 billion; and in the fourth quarter, it was $395 billion. Has there been a recession? Explain your answer.
In the first quarter of the year, Real GDP was $400 billion; in the second quarter, it was $398 billion; in the third quarter, it was $399 billion; and in the fourth quarter, it was $395 billion. Has there been a recession? Explain your answer.
Economics (MindTap Course List)
13th Edition
ISBN:9781337617383
Author:Roger A. Arnold
Publisher:Roger A. Arnold
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section: Chapter Questions
Problem 14QP
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- In the first quarter of the year, Real
GDP was $400 billion; in the second quarter, it was $398 billion; in the third quarter, it was $399 billion; and in the fourth quarter, it was $395 billion. Has there been a recession? Explain your answer.
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