The following table gives real GDP for a small economy going through a business cycle. Real GDP (2009 Year Dollars) 2010 100 104 2011 2012 103 2013 106 2014 109 2015 112 2016 111 2017 110 a) Which years are peaks? Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. ? 2010 ? 2016 7 2011 2 2012 2 2017 ? 2015 ? 2014 2 2013
The following table gives real GDP for a small economy going through a business cycle. Real GDP (2009 Year Dollars) 2010 100 104 2011 2012 103 2013 106 2014 109 2015 112 2016 111 2017 110 a) Which years are peaks? Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to place a check mark. For incorrect answer(s), click the option twice to empty the box. ? 2010 ? 2016 7 2011 2 2012 2 2017 ? 2015 ? 2014 2 2013
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:The following table gives real GDP for a small economy going through a business cycle.
Real GDP
(2009
Year
Dollars)
2010
100
104
2011
2012
103
2013
106
2014
109
2015
112
2016
111
2017
110
a) Which years are peaks?
Instructions: In order to receive full credit, you must make a selection for each option. For correct answer(s), click the box once to
place a check mark. For incorrect answer(s), click the option twice to empty the box.
? 2010
? 2016
7 2011
2 2012
2 2017
? 2015
? 2014
2 2013
Expert Solution
Step 1
Peak is the highest point between the end of an economic expansion and the start of a contraction in a business cycle.
A business cycle is shown below:
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