Real GDP dot si Actual and potential output in the United States Year Potential Output Tonossas (trillions) gutvolle (trillions) 2016 rale $17.68 $18.02 qs 2017 $18.08 DE $18.32 2018 $18.61 $18.65 2019 $19.03 $19.02 2020 $18.38 $19.38 2021 $19.43 $19.78 a. Calculate the output gap for each year. b. What does it mean when the output gap is negative? What does it mean when it is positive? c. For each year, calculate how much the output gap changed. Compare this to the growth rate of actual output that year, less the growth rate of potential output. Outpu
Real GDP dot si Actual and potential output in the United States Year Potential Output Tonossas (trillions) gutvolle (trillions) 2016 rale $17.68 $18.02 qs 2017 $18.08 DE $18.32 2018 $18.61 $18.65 2019 $19.03 $19.02 2020 $18.38 $19.38 2021 $19.43 $19.78 a. Calculate the output gap for each year. b. What does it mean when the output gap is negative? What does it mean when it is positive? c. For each year, calculate how much the output gap changed. Compare this to the growth rate of actual output that year, less the growth rate of potential output. Outpu
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter17: Production And Growth
Section: Chapter Questions
Problem 5CQQ
Related questions
Question
![geld on Haloolvo quoy maotal glad
warb si
bo of
sib bo
daj si Actual and potential output in the United States and
Year
Real GDP
Potential Output
Попознае бар
(trillions)
(trillions)
2016
$17.68
$18.02
sq si 2017
$18.08
D$18.32
2018
$18.61
$18.65
2019
$19.03
$19.02
2020
$18.38
$19.38
2021
$19.43
$19.78
a. Calculate the output gap for each year.
b. What does it mean when the output gap is negative?
What does it mean when it is positive?
c. For each year, calculate how much the output gap
changed. Compare this to the growth rate of actual
output that year, less the growth rate of potential
output.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb7e32729-94d8-46a0-927e-66c0c1310ed7%2F45a5b152-a8f0-4fc3-a163-419c0830938a%2Fru064oc_processed.png&w=3840&q=75)
Transcribed Image Text:geld on Haloolvo quoy maotal glad
warb si
bo of
sib bo
daj si Actual and potential output in the United States and
Year
Real GDP
Potential Output
Попознае бар
(trillions)
(trillions)
2016
$17.68
$18.02
sq si 2017
$18.08
D$18.32
2018
$18.61
$18.65
2019
$19.03
$19.02
2020
$18.38
$19.38
2021
$19.43
$19.78
a. Calculate the output gap for each year.
b. What does it mean when the output gap is negative?
What does it mean when it is positive?
c. For each year, calculate how much the output gap
changed. Compare this to the growth rate of actual
output that year, less the growth rate of potential
output.
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