The following table shows data on the quarterly
growth rate of real GDP for the U.S. economy:
a. Using the rule-of-thumb definition of a
recession, did this economy experience
any recessions during this period? Briefly
explain.
b. The NBER says that a recession began during
the fourth quarter of 1973 and ended during
the first quarter of 1975. How does your
answer in part (a) compare to the official
NBER dates?