**Identify the Phase of the Business Cycle**This table provides data on the phases of the business cycle over a four-year period. The columns included are:- **Year**: The specific year in the cycle.- **Real GDP in Billions**: The Real Gross Domestic Product measured in billions.- **GDP Growth Rate**: The percentage change in GDP.- **Phase of the Business Cycle**: This column is to be filled with the correct phase of the business cycle based on the data provided.| Year | Real GDP in Billions | GDP Growth Rate | Phase of the Business Cycle ||------|----------------------|-----------------|---------------------------|| 1 | 5,839 | -2 | || 2 | 5,987 | 2.5 | || 3 | 5,870 | -2 | || 4 | 6,136 | 4.3 | |**Phases Options (provided below the table):**- Expansion- Expansion & Peak- Contraction- Contraction & TroughThis exercise requires identifying the correct phase based on GDP growth rate trends. Use the information to deduce each phase accordingly.

Answered: Identify the phase of the Business…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Figure: The Business Cycle Real GDP A B B) a trough. C) an expansion. D) a recession. Years 34. (Figure: The Business Cycle) Point B on this graph shows A) a peak.
5 Question This question is supposed to familiarize you with the calculation of growth over multiple periods. In the lectures you learned that the growth rate of a variable from one period to the next is given by Yt - Yt-1 9y= Yt-1 where g, denotes the growth rate, y, the value of the variable y in period t, and yt-1 the value of the same variable in period t- 1. Very often we are dealing with growth over many periods, say 50 years, in which case the above formula is not helpful. In that case we use the following formula: Yt = Yo (1+9y), where yo is the value of the variable at the beginning of the period, y, is the value of the variable after t periods, and g, is the (constant) growth rate. Depending on what information is given, you can solve the formula for either yt, Yo, gy, or for t. Now turn to the actual problem: The poorest countries in the world currently have an annual per capita income of about $600. We can reasonably assume that it is nearly impossible to live on an income…
Table 11.Growth (in Trillions) Real Year GDP 2015 16.30 2014 16.29 2013 15.92 2012 15.43 2011 15.19 2010 14.94 2009 14.54 Refer to Table 11.Growth. Economic growth rate for 2013 is about О 2.32% O 1.67% O 1.58% О 3.18%
1 a. US GDP was 14,419 billion in 2009 and 14,964 billion in 2010. What was the percentage increase in GDP over this period? Show your work. 1 b. Inflation between 2009 and 2010 was 1.2 percent. What was the approximate percentage growth in real GDP? 2. According to the Bureau of Economic Analysis in the U.S. Census Bureau, what was US GDP in 2017, in billions of current dollars? 3. Approximately when did the most recent U.S. recession occur?
i need help to check my work
Suppose that a country's annual growth rates were 5, 3, 4 , -1 , -2 , 2 , 3 , 4, 6, and 3 in yearly sequence over a 10 - year period . a ) What was the country's trend rate of growth over this period ? b ) Which set of years most clearly demonstrates an expansionary phase of the business cycle ? c ) Which set of years best illustrates a recessionary phase of the business cycle ?

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Identify the phase of the Business Cycle Year Real GDP in Billions GDP Growth Rate Phase of the Business Cycle 1 5,839 -2 5,987 2.5 3 5,870 -2 4 6,136 4.3 :: Expansion :: Expansion & Peak :: Contraction :: Contraction & Trough