The Business Cycle Dating Committee of the National Bureau of Economic Research would most likely classify which one of the following as a recession? (LO3)

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 defl ation over at least three months accompanied by rising interest rates