Question
8. Gross domestic product of Romeria fell 0.3% in the fourth quarter of 2011... with the latest survey data suggesting the economy will contract again
8. "Gross domestic product of Romeria fell 0.3% in the fourth quarter of 2011... with the latest survey data suggesting the economy will contract again in the first quarter of 2012... The new downturn followed seven quarters of weak growth after the country's 2008-09 recession."Based on the popular definition of recession, at the moment of writing, the economy of Romeria
a. had been in recession continuously since 2008
b. was most likely in recession already, but we can't tell for sure until data on GDP growth for the 1st quarter of 2012 is reported
c. was in recession during the second half of 2011
d. would have been in recession only if GDP continued to contract through all of 2012
Popular definition is 2 consecutive quarters with negative GDP. Does this not suggest the answer is B?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started