1. The date that a recession ends is called the __________. 2. The traditional definition of a recession is a decline in real GDP lasting for at least two consecutive quarters. __________ (True/False)...

1. The date that a recession ends is called the __________.

2. The traditional definition of a recession is a decline in real GDP lasting for at least two consecutive quarters. __________ (True/False)

3. The __________ marks the date that a recession starts and output begins to fall.

4. A __________ is commonly defined as a severe recession.

a. depression

b. trough

c. expansion

d. peak

3. Counting Recessions. Consider the data for the fictitious economy of Euronet: How many recessions occurred in the economy over the time indicated?