Without looking at Table 19.7, return to Figure 19.10. If we define a recession as a significant decline in national output, can you identify any post-1960 recessions in addition to the 2008-2009 recession?

Table 19.7

Figure 19.10

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Trough December 1900 August 1904 June 1908 January 1912 December 1914 March 1919 July 1921 July 1924 Peak September 1902 May 1907 January 1910 January 1913 August 1918 January 1920 May 1923 October 1926 Months of Contraction 18 23 13 24 23 7 18 14 Months of Expansion 21 33 19 12 44 10 22 27