Quarterly Real GDP Growth Rate (%) -1.5 O. -1.0 1. 1.5 0.5 0. 2.0 Mar 2006 Jun 2006 Sep 2006 per Capita increase? Dec 2006 Mar 2007 Jun 2007 Sep 2007 Dec 2007 Mar 2008 years from March 2006 to December 2015. Jun 7008 Ser/ 2008 Dec 2008 Mar 2009 Jun 2009 Sep 2009 New Zealand ever experience an economic recession? If so, when? Dec 2009 Mar 2010 Jun 2010 b) Over the same period, New Zealands average population growth rate was approxi- a) What is the technical definition of an economic recession? On the figure above, does Sep 2010 Figure 1: Quarterly Real GDP Growth Rate 2006-2015 2) Figure 1 shows a graph of New Zealand's quarterly real GDP growth rate in the 10 become materially better off during this time? In other words, did their Real GDP mately 1%. Knowing this, and using the diagram above, did people in New Zealand DEC 2010 Mar 2011 Jun 2011 Sep 2011 Dec 2011 Mar 2012 Jun 2012 Sep 2012 Dec 2012 Mar 20 Jun 2013 Sep 2013 Dec 2013 Mar 2014 Jun 2014 Sep 2014 Dec 2014 Mar 2015 Jun 2015 Sep 2015 Dec 2015