The following table shows data on the quarterly growth rate of real GDP for the U.S. economy:

a. Using the rule-of-thumb definition of a recession, did this economy experience any recessions during this period? Briefly explain.
b. The NBER says that a recession began during the fourth quarter of 1973 and ended during the first quarter of 1975. How does your answer in part a. compare to the official NBER dates.

Year Quarter Growth rate (percentage) 1973 1973 1973 1973 1974 1974 1974 1974 1975 1975 1975 1975 10.6% 4.7 -2.1 3.9 3.5 4 2 -3.9 1.6 -4.8 3.1 6.9 5.3 4 2 4