The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Real GDP Year (Billions of Dollars) 1980 368 1981 376 1982 384 11 1983 396 1984 408 1985 396 1986 392 1987 396 1988 404 The green line on the following graph shows the economy's long-term growth trend. Use the blue points (circle symbol) to plot the real GDP in each of the years listed. Be sure to plot from left to right. Line segments will automatically connect the points. Next, place the black point (plus symbol) on the graph to indicate the point on the real GDP curve that definitely represents a peak. Finally, place the grey point (star symbol) on the graph to indicate the point on the real GDP curve that definitely represents a trough. REAL GDP (Bilions of dollars) 440 432 416 408 400 392 384 376 Growth trend 368 360 1980 1981 1982 1983 1984 1985 1986 1987 1988 YEAR + O Real GDP Peak 0 Trough
The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Real GDP Year (Billions of Dollars) 1980 368 1981 376 1982 384 11 1983 396 1984 408 1985 396 1986 392 1987 396 1988 404 The green line on the following graph shows the economy's long-term growth trend. Use the blue points (circle symbol) to plot the real GDP in each of the years listed. Be sure to plot from left to right. Line segments will automatically connect the points. Next, place the black point (plus symbol) on the graph to indicate the point on the real GDP curve that definitely represents a peak. Finally, place the grey point (star symbol) on the graph to indicate the point on the real GDP curve that definitely represents a trough. REAL GDP (Bilions of dollars) 440 432 416 408 400 392 384 376 Growth trend 368 360 1980 1981 1982 1983 1984 1985 1986 1987 1988 YEAR + O Real GDP Peak 0 Trough
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
Problem 7PA
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