Macroeconomics 11th Edition by Stephen Slavin

Exercise 4

Circle the letter that corresponds to the best answer. The Business Cycle Dating Committee of the National Bureau of Economic Research would most likely classify which of the following as a recession?
A) a one-tenth of 1 percent decline in real GDP for two consecutive quarters
B) an increase in the unemployment rate for two consecutive months
C) a decline in nonfarm payrolls, industrial production, and personal income over six months
D) a 1 percent rate of deflation over at least three months accompanied by rising interest rates