b. Why might $1 a day and $2 a day under estimate the standard of living of the poorest Indians? 11. Canada Agency Says 2nd Quarter GDP Dip Won’t Prove Recession Statistics Canada may not conclude the economy is in a recession even if gross domestic product contracts for a second straight quarter, according to one of the agency’s top economists. ... Defining a recession as two consecutive quarterly drops in GDP “is a silly, simplistic, simplification,” Cross said by telephone. ... The National Bureau of Economic Research, which chronicles business cycles in the U.S., defines a recession as “a significant Full file at
7 0C H A P T E R 4decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales.” Bloomberg, June 18, 2008 a. Why might defining a recession as “two consecutive quarterly drops in GDP” be too “simplistic”?
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