Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows: Year Growth Rate (%) 1 2 2 3 -2 4 a. What was the average of these growth rates in Econoland over these five years? Instructions: Enter your answer rounded to 1 decimal place. percent b. What term would economists use to describe what happened in year 3? (Click to select) ♥ c. If the growth rate in year 3 had been a positive 5 percent rather than a negative 2 percent, what would have been Econoland's average growth rate over the five years?
Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows: Year Growth Rate (%) 1 2 2 3 -2 4 a. What was the average of these growth rates in Econoland over these five years? Instructions: Enter your answer rounded to 1 decimal place. percent b. What term would economists use to describe what happened in year 3? (Click to select) ♥ c. If the growth rate in year 3 had been a positive 5 percent rather than a negative 2 percent, what would have been Econoland's average growth rate over the five years?
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter20: Economic Growth
Section: Chapter Questions
Problem 20RQ: For a high-income economy like the United States, what aggregate production function elements are...
Related questions
Question
![Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows:
Year
Growth Rate (%)
1
3
2
2
3
-2
4
4
5
a. What was the average of these growth rates in Econoland over these five years?
Instructions: Enter your answer rounded to 1 decimal place.
percent
b. What term would economists use to describe what happened in year 3?
|(Click to select) ♥
c. If the growth rate in year 3 had been a positive 5 percent rather than a negative 2 percent, what would have been Econoland's
average growth rate over the five years?
Instructions: Enter your answer rounded to 1 decimal place.
percent](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F34ce7bed-400d-4adc-b96c-f91c28d9ab16%2F047972ee-bf00-4e3e-a0ab-bfba5e1c653f%2F6ojdr7n_processed.png&w=3840&q=75)
Transcribed Image Text:Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows:
Year
Growth Rate (%)
1
3
2
2
3
-2
4
4
5
a. What was the average of these growth rates in Econoland over these five years?
Instructions: Enter your answer rounded to 1 decimal place.
percent
b. What term would economists use to describe what happened in year 3?
|(Click to select) ♥
c. If the growth rate in year 3 had been a positive 5 percent rather than a negative 2 percent, what would have been Econoland's
average growth rate over the five years?
Instructions: Enter your answer rounded to 1 decimal place.
percent
Expert Solution
![](/static/compass_v2/shared-icons/check-mark.png)
Step 1
To estimate the average growth rates in Econoland over the 5 years, we will add the economic growth of each year and divide it by the total number of years.
So, the average annual growth rate is 2.80%,
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
![Blurred answer](/static/compass_v2/solution-images/blurred-answer.jpg)
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax
![Principles of Economics 2e](https://www.bartleby.com/isbn_cover_images/9781947172364/9781947172364_smallCoverImage.jpg)
Principles of Economics 2e
Economics
ISBN:
9781947172364
Author:
Steven A. Greenlaw; David Shapiro
Publisher:
OpenStax