Economic Data for Country A Economic Data for Country A Year/Quarter Real GDP 2012/Quarter 1 $450...
Economic Data for Country A
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Economic Data for Country A
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Refer to Exhibit 7-4. Did Country A experience a
recession (based on the standard definition) in 2012?
Homework Answers
The standard definition of recession states that a country
experiences recession in a particular year if the real GDP in that
particular year declines for the two consecutive quarters.
In 2012, as per the given data, real GDP declined in quarter 2 and quarter 3.
So, there is decline in real GDP for the two consecutive quarters in 2012.
Thus, based on the standard definition, Country A experiences a recession in 2012.
Hence, the correct answer is the option (a).
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Economic Data for Country A
Economic Data for Country A
Year/Quarter
Real GDP
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