Based on the graph, in which of the following years did the economy experience a trough? Check all that apply. 1977 1972 1974 ☐ 1971 Step 2: Contraction and Expansion Once again, consider the following data on a hypothetical country's Real GDP from 1970 through 1978. Year Real GDP (Billions of Dollars) 1970 465 1971 470 1972 475 1973 485 1974 510 1975 505 1976 495 The following table shows data on a hypothetical country's Real GDP from 1970 through 1978: Real GDP Year (Billions of Dollars) 1970 465 1971 470 1972 475 1973 485 1974 510 1975 505 1976 495 1977 490 1978 500

The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Real GDP Year (Billions of Dollars) 1980 372 1981 380 1982 384 404 400 388 392 400 404 Use the blue points (circle symbol) to plot the real GDP in each of the years listed. (Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) 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 (Billions of cordis 1983 1984 1985 1986 1987 1988 ROWTH RATE (Percent 440 432 424 410 408 400 382 304 378 388 360 -1 -3 -4 Growth trend 5 1980 1981 1982 1983 1984 1081 Once you've calculated the percentage change for each of the years, use the orange points (square symbol) to plot your results on the following graph,…

The country of Economica's GDP deflator and nominal GDP in three different years are shown in the table. Year Nominal GDP GDP Deflator year 1 $25128 122 year 2 $54566 108 year 3 $30967 100 The base year, i.e. the base period, is Year 3. For years 1-3, please obtain the real GDP. Round your answers to the nearest dollar. What is the real GDP for year 1? real GDP: $ What is the real GDP for year 2? real GDP: $ What is the real GDP for year 3? real GDP: $

Consider the following data on U.S. GDP: Year Nominal GDP GDP Deflator (Billions of dollars) (Base year 2009) 2016 18,707 105.93 1996 8,073 73.18   The growth rate of nominal GDP between 1996 and 2016 was    , and the growth rate of the GDP deflator between 1996 and 2016 was    . (Hint: The growth rate of a variable XX over an NN-year period is calculated as 100×((XfinalXinitial)(1N)−1)100×XfinalXinitial1N−1)   Measured in 2009 prices, real GDP was    billion in 1996 and    billion in 2016. (Note: Select the answers closest to the values you compute.)   The growth rate of real GDP between 1996 and 2016 was    .   The growth rate of nominal GDP between 1996 and 2016 was    than the growth rate of real GDP.