Discuss the following statement: "Real GDP has decreased for two quarters in a row; we definitely are living through a contraction."

a. The statement is correct since this measurement standard has beenmandated by the U.S. Congress.
b. The statement is correct since two consecutive quarters is more than enoughtime to determine aneconomy's trend.
c. The statement is correct because changes in real GDP precisely mirrorchanges in other variables that reflect overall economic activity.
d. The statement is incorrect since the official arbiter of business cycledates (the NBER) looks at multiple indicators of economic activity beforedeclaring the onset of a contraction