In the first quarter of the year, Real GDP was $400 billion; in the second quarter, it was $398 billion; in the third quarter, it was $399 billion; and in the fourth quarter, it was $395 billion. Has there been a recession? Explain your answer.
To be considereded a recession there must be two consecutive quarters with a fall in the GDP. In this case there are two quarters with fall but they are not consecutive. (second and fourth quarter)
