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The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Year 1980 1981 1982 1983 1984 1985 1986 1987 1988 REAL GDP (Billions of dollars) The green line on the following graph shows the economy's long-term growth trend. Use the blue points (circle symbol) to plot the real GDP in each of the years listed. (Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) Next, place the black point (plus symbol) on the graph to indicate the point on the real GDP curve that definitely represents a peak. Finally, place the grey point (star symbol) on the graph to indicate the point on the real GDP curve that definitely represents a trough. 220 216 212 208 204 200 196 192 Real GDP (Billions of Dollars) 184 188 190 192 196 204 206 202 200 202 184 Long-term growth trend 180 1980 1981 1982 1983 1964 1985 1966 1987 1988 YEAR O Real GDP + Peak Trough Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change in real GDP equals the change in GDP from the previous year to the current year. For example, you can calculate the percentage change for 1981 by finding the change in GDP from 1980 to 1981, dividing this change by the level of GDP in 1980, and then multiplying the result by 100.) Once you've calculated the percentage change for each of the years, use the orange points (square symbol) to plot your results on the following graph, rounded to the nearest percent. For each year, plot the percentage change from the year before. (Hint: For example, you should plot the growth rate from 1980 to 1981 with a horizontal coordinate of 1981.)

The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Year 1980 1981 1982 1983 1984 1985 1986 1987 1988 REAL GDP (Billions of dollars) The green line on the following graph shows the economy's long-term growth trend. Use the blue points (circle symbol) to plot the real GDP in each of the years listed. (Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) Next, place the black point (plus symbol) on the graph to indicate the point on the real GDP curve that definitely represents a peak. Finally, place the grey point (star symbol) on the graph to indicate the point on the real GDP curve that definitely represents a trough. 220 216 212 208 204 200 196 192 Real GDP (Billions of Dollars) 184 188 190 192 196 204 206 202 200 202 184 Long-term growth trend 180 1980 1981 1982 1983 1964 1985 1966 1987 1988 YEAR O Real GDP + Peak Trough Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change in real GDP equals the change in GDP from the previous year to the current year. For example, you can calculate the percentage change for 1981 by finding the change in GDP from 1980 to 1981, dividing this change by the level of GDP in 1980, and then multiplying the result by 100.) Once you've calculated the percentage change for each of the years, use the orange points (square symbol) to plot your results on the following graph, rounded to the nearest percent. For each year, plot the percentage change from the year before. (Hint: For example, you should plot the growth rate from 1980 to 1981 with a horizontal coordinate of 1981.)

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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2. Economic fluctuations and growth The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Real GDP Year (Billions of Dollars) 1980 184 1981 190 1982 192 1 1983 196 1984 204 1985 206 1986 202 1987 200 The green line on the following graph shows the economy's long-term growth trend. REAL GDP (Billions of dollars 1988 Use the blue points (circle symbol) to plot the real GDP in each of the years listed. (Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) Next, place the black point (plus symbol) on the graph to indicate the point on the real GDP curve that definitely represents a peak. Finally, place the grey point (star symbol) on the graph to indicate the point on the real GDP curve that definitely represents a trough. OP (Percent) 220 ANNUAL CHANGE IN REAL 216 212 208 204 200 196 192 188 184 180 5 -3 202 Long-term growth trend -5 1980 1981 1982 1983 1984 1985 1986 1987 1988 YEAR Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change in real GDP equals the change in GDP from the previous year to the current year. For example, you can calculate the percentage change for 1981 by finding the change in GDP from 1980 to 1981, dividing this change by the level of GDP in 1980, and then multiplying the result by 100.) 1981 1982 Once you've calculated the percentage change for each of the years, use the orange points (square symbol) to plot your results on the following graph, rounded to the nearest percent. For each year, plot the percentage change from the year before. (Hint: For example, you should plot the growth rate from 1980 to 1981 with a horizontal coordinate of 1981.) O True 1983 This economy experienced a contraction in the years which the level of real GDP seen as a period in which the growth rate of real GDP O False 1984 1985 1986 1987 1988 YEAR True or False: This economy was experiencing an expansion in 1981. -0 Real GDP + Peak 4 Trough (?) Annual Change (?) . On the first graph (showing real GDP), this contraction is seen as a period in On the second graph (showing annual change in real GDP), this contraction is
Transcribed Image Text:2. Economic fluctuations and growth The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Real GDP Year (Billions of Dollars) 1980 184 1981 190 1982 192 1 1983 196 1984 204 1985 206 1986 202 1987 200 The green line on the following graph shows the economy's long-term growth trend. REAL GDP (Billions of dollars 1988 Use the blue points (circle symbol) to plot the real GDP in each of the years listed. (Note: Plot your points in the order in which you would like them connected. Line segments will connect the points automatically.) Next, place the black point (plus symbol) on the graph to indicate the point on the real GDP curve that definitely represents a peak. Finally, place the grey point (star symbol) on the graph to indicate the point on the real GDP curve that definitely represents a trough. OP (Percent) 220 ANNUAL CHANGE IN REAL 216 212 208 204 200 196 192 188 184 180 5 -3 202 Long-term growth trend -5 1980 1981 1982 1983 1984 1985 1986 1987 1988 YEAR Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change in real GDP equals the change in GDP from the previous year to the current year. For example, you can calculate the percentage change for 1981 by finding the change in GDP from 1980 to 1981, dividing this change by the level of GDP in 1980, and then multiplying the result by 100.) 1981 1982 Once you've calculated the percentage change for each of the years, use the orange points (square symbol) to plot your results on the following graph, rounded to the nearest percent. For each year, plot the percentage change from the year before. (Hint: For example, you should plot the growth rate from 1980 to 1981 with a horizontal coordinate of 1981.) O True 1983 This economy experienced a contraction in the years which the level of real GDP seen as a period in which the growth rate of real GDP O False 1984 1985 1986 1987 1988 YEAR True or False: This economy was experiencing an expansion in 1981. -0 Real GDP + Peak 4 Trough (?) Annual Change (?) . On the first graph (showing real GDP), this contraction is seen as a period in On the second graph (showing annual change in real GDP), this contraction is
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