(Table) Look at the Above Table (Macroeconomic Data for Econoland);

Multiple Choice

(Table) Look at the above table (Macroeconomic Data for Econoland) ; what stage of the business cycle would the NBER declare Econoland to be in during the 4th quarter of 2014? $$\begin{array} { | l | l | l | } \hline \text { Quarter } & \text { GDP } & \begin{array} { l } \text { Unemployment } \\\text { rate }\end{array} \\\hline 1 \text { st 2014 } & \text { S800 billion } & 5 \% \\\hline \text { 2nd 2014 } & \text { s808 billion } & 4 \% \\\hline 3 \text { rd 2014 } & \$ 808 \text { billion } & 4 \% \\\hline \text { 4th 2014 } & 5800 \text { billion } & 5 \% \\\hline 1 \text { st 2015 } & \text { S790 billion } & 6 \% \\\hline \text { 2nd 2015 } & 5790 \text { billion } & 6 \% \\\hline \text { 3rd 2015 } & \text { \$795 billion } & 5.5 \% \\\hline \text { 4th 2015 } & \text { s800 billion } & 5 \% \\\hline 1 \text { st 2016 } & 5800 \text { billion } & 5 \% \\\hline \text { 2nd 2016 } & \text { S785 billion } & 6.5 \% \\\hline \text { 3rd 2016 } & 5780 \text { billion } & 7 \% \\\hline \text { 4th 2016 } & \text { S790 billion } & 6 \% \\\hline\end{array}$$

A) recession
B) trough
C) expansion
D) peak