2) Suppose that real GDP grew at 4% for three years. In year 4, real GDP growth fell smoothly to -25%, then growth recovered smoothly to 2% in years 5 and 6. Sketch a graph of the level of real GDP over this 5 year window, and a second graph of the growth rate of real GDP over the same period. The growth rate graph is easy...
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- Suppose that the annual rates of growth of real GDP of Econoland over a five-year period were as follows: Year Growth Rate 1 4% 2 28 3 -2% 4 48 5 6% What was the average of these growth rates in Econoland over these five years? Instructions: Round your answer to one decimal place. % What term would economists use to describe what happened in year 3? (Click to select) If the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been the average growth rate? 1%The figure below graphs log GDP for periods t = 1, t = 2, t = 3, t = 4, and t = 5. log GDP log 115. log 110. log 108 log 105 log 100 2 3 4 5 time (a) Calculate the rate of growth of GDP between periods 2 and 3. (b) Calculate the slope of the red line in the figure. (c) What is the geometric average rate of growth of GDP between time 1 and time 5?Over many years, small differences in growth rates can have large effects on the level of income. This question will help you understand this important point. Consider an initial value of real GDP equal to Yo. If real GDP grows at a rate of g percent annually, after N years real GDP will equal Yo(1+g). Now consider the following table. Let the initial level of GDP in all cases be 100. a. By using the formula provided above, compute the level of real GDP in column 1 for each year. For example, in Year 1, real GDP will equal 100x (1.01)¹=101. For each year, compute the GDP. Complete the rest of the columns. (Round your responses to two decimal places.) b. In year 20, how much larger (in percentage terms) is real GDP in the 2.0-percent growth case compared with the 1.5-percent growth case? Real GDP in the 2.0-percent growth case is% larger. (Round your response to the nearest whole number.) c. In year 50, how much larger is real GDP in the 2.0-percent growth case compared to the…
- Year Real GDP Nominal GDP 2019 $15,510.79 $17,310.70 2020 $17,495.23 $18,761.83 2021 $18,209.59 $19,253.97 Refer to the table above. What is the growth rate in real GDP from 2020 to 2021? Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows: Year Growth Rate (X) 1 2 1 3 -2 4 4 a. What was the average of these growth rates in Econoland over these five years? Instructions: Enter your answer rounded to 1 decimal place. percent b. What term would economists use to describe what happened in year 3? Recession c. If the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been Econoland's average growth rate over the five years? Instructions: Enter your answer as a whole number. percentSuppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows: Growth Rate (3) 5 Year 1 2 3 4 5 2 -2 4 5 a. What was the average of these growth rates in Econoland over these five years? Instructions: Enter your answer rounded to 1 decimal place. percent b. What term would economists use to describe what happened in year 3? Recession c. If the growth rate in year 3 had been a positive 3 percent rather than a negative 2 percent, what would have been Econoland's average growth rate over the five years? Instructions: Enter your answer rounded to 1 decimal place. percent
- 10. The Reverend Thomas Malthus (a British economist) thought that arithmetic growth in food supply (such as a farmer adding five more bushels of apples to his harvest every year) exhibited: A. positive exponential growth (logarithmic increase) over time B. logistic growth (linear increase, then exponential, then linear again) over time C. saturation growth (Michaelis-Menten increases) over time D. negative exponential growth (logarithmic decrease) over time E. linear growth (straight line increase) over timeSuppose that the GDP of California increases by 8.0% each year. How long will it take for the GDP of California to double? Round your answer to one digit after the decimal. duration for California's GDP to double: Suppose that the GDP of Oregon today is exactly twice what it was 17 years ago. What was the average annual growth for Oregon over this time period? Round your answer to one digit after the decimal. average annual growth for Oregon: years % each yearSuppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows: Year Growth Rate (%) 1 2 3 -1 4 4 5 6 a. What was the average of these growth rates in Econoland over these five years? Instructions: Enter your answer rounded to 1 decimal place. percent b. What term would economists use to describe what happened in year 3? |(Click to select) ♥ c. If the growth rate in year 3 had been a positive 5 percent rather than a negative 1 percent, what would have been Econoland's average growth rate over the five years? Instructions: Enter your answer rounded to 1 decimal place. percent
- Suppose that the annual rates of growth of real GDP of Econoland over a five-year period were sequentially as follows: 3 percent, 1 percent, -2 percent, 4 percent, and 5 percent. What was the average of these growth rates in Econoland over these 5 years? What term would economists use to describe what happened in year 3?Which of the following statements do not correctly describe exponential growth? (Check all that apply) DA New growth builds on past growth and its effects compound. De. The growth rate stays approximately constant. Yc The growth rate keeps increasing each year. o. The growth rate fuctuates drastically. Suppose Arendelle's real GOP per capita was 535,000 in 2012 In 2013 and 2014, It increased to $36,400 and $37,860 respectively (all numbers are in 2012 constant dollan) The growth rate between 2012 and 2013 in this economy was%. (Round your answer to the nearest whole number.) Arendelle shows growth over the yearn.Small differences in growth rates in the size of the economy, over several decades, will result in big differences in the size of the economy. Pretend we start in 1950 and the U.S. growth in real GDP has been around 3.15%. This has resulted in real GDP growing 8 times over this 70-year period (1950 to 2020). If real GDP growth had been 4.0%, real GDP would be times larger. a. 8 (about the same growth as with 3.15% growth) b. 10 С. 14 d. 16