5. The GDP gap and the consequences of unemploymentAa AaOn the following graph, the red line shows potential real GDP and the blue line shows actual real GDP for ahypothetical country from 1990 to 2010.Use the green quadrilateral (triangle symbols) to shade the area between actual and potential real GDP thatrepresents the positive GDP gap. Then use the purple quadrilateral (diamond symbols) to shade the area betweenactual and potential real GDP that represents the negative GDP gap.GDP (Billions of 2000 dollars)108642Potential Real GDP019901994Actual Real GDP19982002 2006Positive GDP GapNegative GDP Gap2010YEAR Help Clear AllWhich of the following are true of an economy operating with lower than full employment? Check all that apply.A teenage worker is more likely to be unemployed than an older worker.Actual real GDP is less than potential real GDP, therefore a negative GDP gap exists.The economy is in the peak phase of the business cycle.A worker with a college degree is more likely to be unemployed than a worker without one.

GDP gap and the consequences of unemployment the following graph, the red line shows potential real GDP and the blue line shows actual real GDP for a pothetical country from 1990 to 2010. e the green quadrilateral (triangle symbols) to shade the area between actual and potential real GDP that presents the positive GDP gap. Then use the purple quadrilateral (diamond symbols) to shade the area b tual and potential real GDP that represents the negative GDP gap. GDP (Billions of 2000 dollars) 10 8 6 4 2 Potential Real GDP Actual Real GDP 0 1990 1994 1998 2002 2006 2010 Positive GDP Gap Negative GDP Gap Aa YEAR Help Clear All hich of the following are true of an economy operating with lower than full employment? Check all that ap A teenage worker is more likely to be unemployed than an older worker. Actual real GDP is less than potential real GDP, therefore a negative GDP gap exists. The economy is in the peak phase of the business cycle. A worker with a college degree is more likely to be unemployed than a worker without one.

GDP gap and the consequences of unemployment the following graph, the red line shows potential real GDP and the blue line shows actual real GDP for a pothetical country from 1990 to 2010. e the green quadrilateral (triangle symbols) to shade the area between actual and potential real GDP that presents the positive GDP gap. Then use the purple quadrilateral (diamond symbols) to shade the area b tual and potential real GDP that represents the negative GDP gap. GDP (Billions of 2000 dollars) 10 8 6 4 2 Potential Real GDP Actual Real GDP 0 1990 1994 1998 2002 2006 2010 Positive GDP Gap Negative GDP Gap Aa YEAR Help Clear All hich of the following are true of an economy operating with lower than full employment? Check all that ap A teenage worker is more likely to be unemployed than an older worker. Actual real GDP is less than potential real GDP, therefore a negative GDP gap exists. The economy is in the peak phase of the business cycle. A worker with a college degree is more likely to be unemployed than a worker without one.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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