Refer to the Following Figure When Answering

Multiple Choice

Refer to the following figure when answering
Figure 17.3: Change in Private Inventories: 1980-2012
(Source: Federal Reserve Economic Data, St. Louis Federal Reserve)
-Consider Figure 17.3, which shows changes in private inventories. Which of the following (approximate) dates is likely to be a period of recession? Given your analysis, inventories are:

A) 1980; countercyclical
B) 1997; procyclical
C) 2008; countercyclical
D) 2001; procyclical
E) 2001; countercyclical