Macroeconomics
21st Edition
ISBN: 9781259915673
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 6, Problem 1P
To determine
The annual growth rates of real GDP .
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Suppose that the annual rates of growth of real GDP of Econoland over a five-year period were sequentially as follows: 3 percent, 1 percent, -2 percent, 4 percent, and 5 percent. What was the average of these growth rates in Econoland over these 5 years? What term would economists use to describe what happened in year 3?
Suppose that the annual rates of growth of real GDP of Econoland over a five-year period were sequentially as follows: 3 percent, 1 percent, −2 percent, 4 percent, and 5 percent. What was the average of these growth rates in Econoland over these five years? What term would economists use to describe what happened in year 3? If the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been the average growth rate?
Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows:
Growth Rate (3)
5
Year
1
2
3
4
5
2
-2
4
5
a. What was the average of these growth rates in Econoland over these five years?
Instructions: Enter your answer rounded to 1 decimal place.
percent
b. What term would economists use to describe what happened in year 3?
Recession
c. If the growth rate in year 3 had been a positive 3 percent rather than a negative 2 percent, what would have been Econoland's
average growth rate over the five years?
Instructions: Enter your answer rounded to 1 decimal place.
percent
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