The official dating of recessions in the United States is the responsibility of the:
a. Bureau of Labor Statistics (BLS).
b. Internal Revenue Service (IRS).
c. Federal Reserve.
d. Congress.
e. National Bureau of Economic Research (NBER).
Question 2
How is recession defined by the National Bureau of Economic Research NBER?
a. Two consecutive quarters of declining GDP
b. A significant decline in total output, income, employment, and trade for six months to one year
c. A dramatic decline in unemployment for less than six months
d. A sharp increase in money supply and the market rate of interest
e. A significant decline in stock prices over three consecutive quarters of a business year
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