The table below contains data from the Bureau of Economic Analysis (BEA) on real

Question

The table below contains data from the Bureau of Economic Analysis (BEA) on real GDP in the United States for 1980 to 1984. During this period, the United States experienced economic fluctuations (one recession and periods of economic growth). Use the information in the table to answer the following question. (Note: the data in the table has been rounded.)


Year Real GDP
(Billions of dollars)

1980 $4,900
1981 $5,020
1982 $4,920
1983 $5,130
1984 $5,500

Source: Bureau of Economic Analysis


7.1. The National Bureau of Economic Research (NBER) uses information about the economy (including changes in real GDP) to identify when recessions begin. According to NBER, a recession began in July 1981 and ended in November 1982.

True or false: The NBER recession date is consistent with the BEA data in the table above.

Explanation / Answer

This is true. We know this because the following years after 1982 in the data, the economy was in an expansion. We can see the increase in productivity or GDP Hope this helps

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