During 2008 the US economy stopped growing and began to shrink. Table 1.2548 gives
Chapter 1, Problem 51(choose chapter or problem)
During 2008 the US economy stopped growing and began to shrink. Table 1.2548 gives quarterly data on the US Gross Domestic Product (GDP), which measures the size of the economy. (a) Estimate the relative growth rate (percent per year) at the first four times in the table. (b) Economists often say an economy is in recession if the GDP decreases for two quarters in a row. Was the US in recession in 2008? Table 1.25 t (years since 2008) 0 0.25 0.5 0.75 1.0 GDP (trillion dollars) 14.15 14.29 14.41 14.2 14.09 5
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