macroeconmics question 6 ### Economic Expansion and GDP AnalysisOn the graph, use the grey star to highlight the area between the potential and actual GDP lines corresponding to the period when Lowl experienced economic expansion.#### Graph Explanation:The graph presents a comparison between Actual GDP and Potential GDP for the years 1990 to 2010. The y-axis displays GDP in billions of dollars, ranging from 1 to 10, and the x-axis represents the years from 1990 to 2010.1. **Actual GDP (Blue Line):** - From 1990 to approximately 1996, the Actual GDP shows a steady rise from $1 billion to about $5.5 billion. - Between 1996 and 2008, the Actual GDP line continues to increase, reaching closer to $8 billion. - By the year 2010, the Actual GDP peaks near $9 billion.2. **Potential GDP (Green Line):** - The Potential GDP follows a linear trend starting from $1 billion in 1990, increasing consistently to about $9 billion by 2010.3. **Expansion Area:** - The graph allows for highlighting the area where the Actual GDP exceeds the Potential GDP, representative of economic expansion.#### Data Analysis:During the identified period of economic expansion on the graph, Lowl's actual unemployment rate can be inferred and visualized for better understanding. Use the provided grey star tool to mark and highlight this critical area for a detailed examination of economic performance over the years.---By understanding the correlation between Potential GDP and Actual GDP, stakeholders can evaluate the economic health and growth trends within Lowl during the specified timeline. This analysis is crucial for making informed economic and policy decisions. ### What Causes Changes in the Natural and Actual Rates of UnemploymentSuppose the fictional country of Lowl is facing an increase in the proportion of younger workers in the labor force due to a baby boom that began 16 years ago.Most likely Lowl's natural rate of unemployment will ▼_____________ in the future.The following graph shows Lowl's potential real GDP (the tan line) and actual real GDP (the blue line) from 1990 to 2010.[Graph Description: The graph has two lines plotted across the time period from 1990 to 2010. The tan line represents Lowl's potential real GDP, showing a generally upward trend indicating economic growth potential. The blue line, representing actual real GDP, fluctuates more significantly over the same period. The actual real GDP sometimes falls below the potential real GDP and at other times rises closely aligned with or surpassing it, reflecting periods of economic contractions and expansions.]**Instructions:**On the graph, use the grey star to highlight the area between the potential and actual GDP lines corresponding to the period when Lowl experienced economic expansion.

Suppose the fictional country of Lowl is facing an increase in the proportion of younger workers in the labor force due to a baby boom that began 16 years ago. Most likely Lowl's natural rate of unemployment will in the future. The following graph shows Lowl's potential real GDP (the tan line) and actual real GDP (the blue line) from 1990 to 2010. On the graph, use the grey star to highlight the area between the potential and actual GDP lines corresponding to the period when Lowl experienced economic expansion.

Suppose the fictional country of Lowl is facing an increase in the proportion of younger workers in the labor force due to a baby boom that began 16 years ago. Most likely Lowl's natural rate of unemployment will in the future. The following graph shows Lowl's potential real GDP (the tan line) and actual real GDP (the blue line) from 1990 to 2010. On the graph, use the grey star to highlight the area between the potential and actual GDP lines corresponding to the period when Lowl experienced economic expansion.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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