Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows: Year                  Growth Rate (%) 1                        4 2                         2 3                      -1 4                      4 5                       6 a. What was the average of these growth rates in Econoland over these five years? ________ percent b. What term would economists use to describe what happened in year 3?  c. If the growth rate in year 3 had been a positive 4 percent rather than a negative 1 percent, what would have been Econoland's average growth rate over the five years? __________ percent

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Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows:

Year                  Growth Rate (%)

1                        4

2                         2

3                      -1

4                      4

5                       6

a. What was the average of these growth rates in Econoland over these five years?

________ percent

b. What term would economists use to describe what happened in year 3? 

c. If the growth rate in year 3 had been a positive 4 percent rather than a negative 1 percent, what would have been Econoland's average growth rate over the five years?

__________ percent

 

 

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