1. The old definition of a recession:

A) included two consecutive quarters of growth in real GDP.
B) included six months of a negative economic growth rate.
C) was too limited in scope.
D) has been replaced by an announcement from the NBER.
E) All of the above are correct.

2. The NBER (National Bureau of Economic Research) looks at ___ major indicators and other data to determine a recession.

A) 2
B) 3
C) 4
D) 5
E) 6

3. Which of the following does the NBER NOT include as part of its major indicator data?

A) Growth in total employment
B) Growth in unemployment figures
C) Growth in disposable income minus transfer payments
D) Growth in retail sales
E) Growth in wholesales and wholesale sales