1. From the below table (25 marks):
2. How often have recessions occurred since the end of World War II (1945)? (5 marks)

Trough	Peak	Months of Contraction	Months ofExpansion
December 1900	September 1902	18	21
August 1904	May 1907	23	33
June 1908	January 1910	13	19
January 1912	January 1913	24	12
December 1914	August 1918	23	44
March 1919	January 1920	7	10
July 1921	May 1923	18	22
July 1924	October 1926	14	27
November 1927	August 1929	13	21
March 1933	May 1937	43	50
June 1938	February 1945	13	80
October 1945	November 1948	8	37
October 1949	July 1953	11	45
May 1954	August 1957	10	39
April 1958	April 1960	8	24
February 1961	December 1969	10	106
November 1970	November 1973	11	36
March 1975	January 1980	16	58
July 1980	July 1981	6	12
November 1982	July 1990	16	92
March 1991	March 2001	8	120
November 2001	December 2007	8	73
June 2009	February 2020	18	128

1. Comment on how long has the average recession lasted since the end of World War II? (10 marks)
2. Comment on how long has the average expansion lasted since the end of World War II? (10 marks)