This question looks at the recessions over the past 40 years. To work this problem, first obtain quarterly data on U.S. output growth for the period 1960 to the most recent date from the Web site www.bea.gov. Table 1. 1.1 presents the percent change in real gross domestic product (GDP). This data can be downloaded to a spreadsheet. Plot the quarterly GDP growth rates from 1960:1 to the latest observations. Which, if any, quarters have negative growth? Using the definition of a recession as two or more consecutive quarters of negative growth, answer the following questions.

a. How many recessions has the U.S. economy undergone since 1960, quarter 2?

b. How many quarters has each recession lasted?

c. In terms of length and magnitude, which two recessions have been the most severe?