Select one or more: a. The trend growth rate over the period was around 2.14 % per annum. b. The graph shows that in 1950 UK GDP per capita was about £8.75. c. When actual output is below trend output the economy is in recession. d. The trend growth rate over the period was 0.9889% per annum.
Select one or more: a. The trend growth rate over the period was around 2.14 % per annum. b. The graph shows that in 1950 UK GDP per capita was about £8.75. c. When actual output is below trend output the economy is in recession. d. The trend growth rate over the period was 0.9889% per annum.
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Select one or more:
a.
The trend growth rate over the period was around 2.14 % per annum.
b.
The graph shows that in 1950 UK GDP per capita was about £8.75.
c.
When actual output is below trend output the economy is in recession.
d.
The trend growth rate over the period was 0.9889% per annum.

Transcribed Image Text:Log of GDP per capita
10.5
10.0
9.5
9.0
8.5
1950
1955-
- 096T
1965-
1970
1975-
1980
Year
1985-
1990
1995-
Linear trend (y)
Log of GDP per capita
y = 0.0214x + 8.7782
R² = 0.9889
2000
2005
2010
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