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.

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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