The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. $$\begin{array} { | c | c | c | }
\hline \text { Turning Paint } & \text { Date } & \text { Real GDP (1996 \$ billims) } \
\hline \text { (A) } & \text { July } 1953 & 1992.2 \
\hline \text { (B) } & \text { May } 1954 & 1941.0 \
\hline \text { (C) } & \text { Apr. } 1957 & 2182.7 \
\hline \text { (D) } & \text { Apr. } 1958 & 2117.4 \
\hline \text { (E) } & \text { Apr. } 1960 & 2391.0 \
\hline
\end{array}$$
The economy experienced a recession that lasted from:
A)July 1953 to May 1954.
B)May 1954 to April 1957.
C)July 1953 to April 1957.
D)May 1954 to April 1958.

Question

The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time. $$\begin{array} { | c | c | c | } 
\hline \text { Turning Paint } & \text { Date } & \text { Real GDP (1996 \$ billims) } \
\hline \text { (A) } & \text { July } 1953 & 1992.2 \
\hline \text { (B) } & \text { May } 1954 & 1941.0 \
\hline \text { (C) } & \text { Apr. } 1957 & 2182.7 \
\hline \text { (D) } & \text { Apr. } 1958 & 2117.4 \
\hline \text { (E) } & \text { Apr. } 1960 & 2391.0 \
\hline
\end{array}$$  
The economy experienced a recession that lasted from:
A)July 1953 to May 1954.
B)May 1954 to April 1957.
C)July 1953 to April 1957.
D)May 1954 to April 1958.

Quizplus · Accepted Answer

A recession is typically defined as a period between a peak and a trough in economic activity. The data shows a peak in July 1953 (A) and the next trough in May 1954 (B), indicating a recession during this period.

The Following Data Give the Dates of Successive Turning Points