Real GDP dot si Actual and potential output in the United States Year Potential Output Tonossas (trillions) gutvolle (trillions) 2016 rale $17.68 $18.02 qs 2017 $18.08 DE $18.32 2018 $18.61 $18.65 2019 $19.03 $19.02 2020 $18.38 $19.38 2021 $19.43 $19.78 a. Calculate the output gap for each year. b. What does it mean when the output gap is negative? What does it mean when it is positive? c. For each year, calculate how much the output gap changed. Compare this to the growth rate of actual output that year, less the growth rate of potential output. Outpu
Real GDP dot si Actual and potential output in the United States Year Potential Output Tonossas (trillions) gutvolle (trillions) 2016 rale $17.68 $18.02 qs 2017 $18.08 DE $18.32 2018 $18.61 $18.65 2019 $19.03 $19.02 2020 $18.38 $19.38 2021 $19.43 $19.78 a. Calculate the output gap for each year. b. What does it mean when the output gap is negative? What does it mean when it is positive? c. For each year, calculate how much the output gap changed. Compare this to the growth rate of actual output that year, less the growth rate of potential output. Outpu
Chapter1: Making Economics Decisions
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