1. The date that a recession begins is called the__________.

2. Since World War II, the United States has experienced seven recessions. ______ (True/False)

3. The ______ marks the date that ends a recession and output starts to increase again.

4. The organization that officially dates recessions in the United States is the

a. Congressional Budget Office.

b. Department of Commerce.

c. National Bureau of Economic Research.

d. Council of Economic Advisors.

5. Counting Recessions. Consider the data for the fictitious economy of Euronet:

How many recessions occurred in the economy over the time indicated?
6. Alternative Methods of Measuring Recessions. To compare how deeply recessions affected the economies of two different countries, we might use the following measures:
a. The number of recessions
b. The proportion of time each economy was in a recession
c. The magnitude of the worst recession
Here are data from three hypothetical economies. According to each of the measures listed, which economy was affected most deeply by recessions?

7. Most Severe Recession? Using the data in Table, identify the two most severe recessions since World War II. What other information might you want to know about these and other recessionary periods to judge theirseverity?

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Year and2003: 2003: 2003: 2003: 2004: 2004: 2004: Quarter1 4 Real GDP195 193 195 196 95 194 198 Year and Qu Country 1 n Country 3 100.0 103.0 100.9 95.9 100.0 103.0 106.1 102.9 99.8 96.8 93.9 2010.1 2010.2 2010.3 2010.4 2011.1 2011.2 2011.3 2011.4 2012. 2012.2 2012.3 2012.4 2013.1 2013.2 2013.3 2013.4 100.0 103.0 106.1 109.3 87.4 69.9 72.0 74.2 76.4 78.7 81.1 83.5 86.0 88.6 91.2 94.0 86.5 90,9 95.4 100.2 91.1 88.4 105.2 | 85.7 | 99.9 94.9 90.2 85.7 90.0 94.5 83.1 85.6 88.2 90.9 93.6 96.4