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On the following graph, the black line shows potential real GDP and the blue line shows actual real GDP for a hypothetical country from 1990 to 2010. Use the green quadrilateral (triangle symbols) to shade the area between actual and potential real GDP that represents the positive GDP gap. Then use the purple quadrilateral (diamond symbols) to shade the area between actual and potential real GDP that represents the negative GDP gap. GDP (Billions of 2000 dollars) 10 9 8 10 d 2 1 0 Actual Real GDP 1990 Potential Real GDP 1994 1998 YEAR 2002 2006 2010 Positive GDP Gap Negative GDP Gap ? Which of the following are true of an economy operating below full employment? Check all that apply. Actual real GDP is less than potential real GDP. The economy is in the peak phase of the business cycle. The economy has an unemployment rate higher than the natural rate of unemployment. soo worker is more likely to be unemployed than an older worker

On the following graph, the black line shows potential real GDP and the blue line shows actual real GDP for a hypothetical country from 1990 to 2010. Use the green quadrilateral (triangle symbols) to shade the area between actual and potential real GDP that represents the positive GDP gap. Then use the purple quadrilateral (diamond symbols) to shade the area between actual and potential real GDP that represents the negative GDP gap. GDP (Billions of 2000 dollars) 10 9 8 10 d 2 1 0 Actual Real GDP 1990 Potential Real GDP 1994 1998 YEAR 2002 2006 2010 Positive GDP Gap Negative GDP Gap ? Which of the following are true of an economy operating below full employment? Check all that apply. Actual real GDP is less than potential real GDP. The economy is in the peak phase of the business cycle. The economy has an unemployment rate higher than the natural rate of unemployment. soo worker is more likely to be unemployed than an older worker

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Read carefully and please show me how to do the graph as well( where to put the green and purple)

On the following graph, the black line shows potential real GDP and the blue line shows actual real GDP for a hypothetical country from 1990 to 2010. Use the green quadrilateral (triangle symbols) to shade the area between actual and potential real GDP that represents the positive GDP gap. Then use the purple quadrilateral (diamond symbols) to shade the area between actual and potential real GDP that represents the negative GDP gap. **Graph Description:** - **X-Axis:** Year (ranging from 1990 to 2010) - **Y-Axis:** GDP (Billions of 2000 dollars), ranging from 0 to 10 - **Lines:** - **Black Line:** Represents Potential Real GDP - **Blue Line:** Represents Actual Real GDP **GDP Gaps:** - **Green Triangle Symbols:** Denote the Positive GDP Gap - **Purple Diamond Symbols:** Denote the Negative GDP Gap **Question:** Which of the following are true of an economy operating below full employment? *Check all that apply.* - [ ] Actual real GDP is less than potential real GDP. - [ ] The economy is in the peak phase of the business cycle. - [ ] The economy has an unemployment rate higher than the natural rate of unemployment. - [ ] A teenage worker is more likely to be unemployed than an older worker.
Transcribed Image Text:On the following graph, the black line shows potential real GDP and the blue line shows actual real GDP for a hypothetical country from 1990 to 2010. Use the green quadrilateral (triangle symbols) to shade the area between actual and potential real GDP that represents the positive GDP gap. Then use the purple quadrilateral (diamond symbols) to shade the area between actual and potential real GDP that represents the negative GDP gap. **Graph Description:** - **X-Axis:** Year (ranging from 1990 to 2010) - **Y-Axis:** GDP (Billions of 2000 dollars), ranging from 0 to 10 - **Lines:** - **Black Line:** Represents Potential Real GDP - **Blue Line:** Represents Actual Real GDP **GDP Gaps:** - **Green Triangle Symbols:** Denote the Positive GDP Gap - **Purple Diamond Symbols:** Denote the Negative GDP Gap **Question:** Which of the following are true of an economy operating below full employment? *Check all that apply.* - [ ] Actual real GDP is less than potential real GDP. - [ ] The economy is in the peak phase of the business cycle. - [ ] The economy has an unemployment rate higher than the natural rate of unemployment. - [ ] A teenage worker is more likely to be unemployed than an older worker.
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