Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were sequentially as follows: Year 1 2 3 4 5 percent Growth Rate (8) 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. Recession 2 -2 4 6 b. What term would economists use to describe what happened in year 3? percent c. If the growth rate in year 3 had been a positive 2 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.
Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were sequentially as follows: Year 1 2 3 4 5 percent Growth Rate (8) 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. Recession 2 -2 4 6 b. What term would economists use to describe what happened in year 3? percent c. If the growth rate in year 3 had been a positive 2 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.
Chapter11: Gross Domestic Product
Section: Chapter Questions
Problem 8SQP
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