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2. (2 points). Given the following quarterly GDP growth data, tell me when each phase of the business cycle occurred. Remember that phases of the

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2. (2 points). Given the following quarterly GDP growth data, tell me when each phase of the business cycle occurred. Remember that phases of the business cycle occur over multiple quarters. Year 1 Year 2 Q1 Q2 Q3 04 Q5 06 Q7 Q8 GDP growth rates (96) -3.2 0.06 2.2 4.4 5.2 3.6 1.8 -1.2

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