Question

Based on the information in Table$8.3$, in what years was the economy in a recession? Explain briefly.

Short answer

The economy was in recession during the years$2007-2009$

Step-by-step solution

introduction

A recession alludes to a time of impermanent economic stoppage during which exchange and modern exercises in the economy are decreased.

explanation

At the point when GDP declines for two progressive quarters, the economy is supposed to be in a recession. Section $4$of table-$8.3$is a preferred proportion of economic execution over segment $2$, in light of the fact that section $2$just shows ostensible GDP, while segment $4$shows worth of genuine GDP. As we see, from the table the real GDP declined from $2007$to $2009$