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Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change in real GDP equals the change in GDP from the previous year to the current year. For example, you can calculate the percentage change for 1981 by finding the change in GDP from 1980 to 1981, dividing this change by the level of GDP in 1980, and then multiplying the result by 100%.) 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, rounded to the nearest percent. For each year, plot the percentage change from the year before. (Hint: For example, you should plot the growth rate from 1980 to 1981 with a horizontal coordinate of 1981.)

Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change in real GDP equals the change in GDP from the previous year to the current year. For example, you can calculate the percentage change for 1981 by finding the change in GDP from 1980 to 1981, dividing this change by the level of GDP in 1980, and then multiplying the result by 100%.) 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, rounded to the nearest percent. For each year, plot the percentage change from the year before. (Hint: For example, you should plot the growth rate from 1980 to 1981 with a horizontal coordinate of 1981.)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
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pls verify if my answers are correct in the first picture and correct me if im worng. also please finish the rest of the question and graphs

Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change in real GDP equals the change in GDP from the previous year to the current year. For example, you can calculate the percentage change for 1981 by finding the change in GDP from 1980 to 1981, dividing this change by the level of GDP in 1980, and then multiplying the result by 100%.) 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, rounded to the nearest percent. For each year, plot the percentage change from the year before. (Hint: For example, you should plot the growth rate from 1980 to 1981 with a horizontal coordinate of 1981.) (?) 5 Annual Change is negative is below the long term trend line decreases (slopes downwards) 1987-1988 1981-1985 1986-1987 1980-1981 On the first graph (showing real GDP), this contraction is seen as a period in . On the second graph (showing annual change in real GDP), this contraction is 3 is negative increases (slopes upwards) decreases (slopes downwards) is postive W ANNUAL CHANGE IN RE AL GDP (Percent) & N N पुं -5 1981 1982 1983 This economy experienced a contraction in the years which the level of real GDP seen as a period in which the growth rate of real GDP True or False: This economy was experiencing a contraction in 1981. True False 1984 1985 1986 1987 1988 YEAR
Transcribed Image Text:Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change in real GDP equals the change in GDP from the previous year to the current year. For example, you can calculate the percentage change for 1981 by finding the change in GDP from 1980 to 1981, dividing this change by the level of GDP in 1980, and then multiplying the result by 100%.) 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, rounded to the nearest percent. For each year, plot the percentage change from the year before. (Hint: For example, you should plot the growth rate from 1980 to 1981 with a horizontal coordinate of 1981.) (?) 5 Annual Change is negative is below the long term trend line decreases (slopes downwards) 1987-1988 1981-1985 1986-1987 1980-1981 On the first graph (showing real GDP), this contraction is seen as a period in . On the second graph (showing annual change in real GDP), this contraction is 3 is negative increases (slopes upwards) decreases (slopes downwards) is postive W ANNUAL CHANGE IN RE AL GDP (Percent) & N N पुं -5 1981 1982 1983 This economy experienced a contraction in the years which the level of real GDP seen as a period in which the growth rate of real GDP True or False: This economy was experiencing a contraction in 1981. True False 1984 1985 1986 1987 1988 YEAR
The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Real GDP (Billions of Dollars) Year 1980 368 1981 380 1982 384 1983 392 1984 408 1985 412 1986 404 1987 400 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. (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. ? 440 432 424 416 + 408 400 392 384 376 368 360 REAL GDP (Billions of dollars) O Growth Trend O 1980 1981 O C O 1982 1983 1984 1985 1986 1987 1988 YEAR Real GDP Peak ☆ Trough
Transcribed Image Text:The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Real GDP (Billions of Dollars) Year 1980 368 1981 380 1982 384 1983 392 1984 408 1985 412 1986 404 1987 400 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. (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. ? 440 432 424 416 + 408 400 392 384 376 368 360 REAL GDP (Billions of dollars) O Growth Trend O 1980 1981 O C O 1982 1983 1984 1985 1986 1987 1988 YEAR Real GDP Peak ☆ Trough
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