Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows: Growth Rate (5) 5 2 Year 1 2 3 4 5 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? Recession c. If the growth rate in year 3 had been a positive 3 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

Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows: Growth Rate (5) 5 2 Year 1 2 3 4 5 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? Recession c. If the growth rate in year 3 had been a positive 3 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

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows:
Growth Rate (3)
5
Year
1
2
3
4
5
2
-2
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?
Recession
c. If the growth rate in year 3 had been a positive 3 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

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question 1 Suppose that work hours in New Zombie are 200 in year 1 and productivity is $8 per hour worked. What is New Zombie’s real GDP? If work hours increase to 210 in year 2 and productivity rises to $10 per hour, what is New Zombie’s rate of economic growth? Explain why sustained long-term economic growth comes from increases in labor productivity. Why do you think the trend rate of U.S. productivity growth has increased since the earlier 1973–1995 period?