Need help with this. Start with Part 1 and 2 Screenshots, both are able to be zoomed so you can see them better then answer this question/s down below: Question/sThis economy experienced a contraction in the years_________(Choose one of these: 1980-1981, 1981-1985, 1986-1987 or 1987-1988). On the first graph (showing real GDP), this contraction is seen as a period in which the level of real GDP__________(Choose one of these: decreases, is negative or is below the long-term trend line). On the second graph (showing annual change in real GDP), this contraction is seen as a period in which the growth rate of real GDP________(Choose one of these: increases, decreases, is positive or is negative) . True or False: This economy was experiencing an expansion in 1981.True False In case you decided this is more than 1 question, I agree for you to do the entire thing just let me know what to do. 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 fromthe previous year to the current year. For example, you can calculate the percentage change for 1981 by finding the change in GDP from 1980 to1981, 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 ratefrom 1980 to 1981 with a horizontal coordinate of 1981.)ANNUAL REAL GDP GROWTH RATE (Percent)-519811982198319841985YEAR1986 1987 1988Annual Real GDP Growth? 1. Economic fluctuations and growthThe following table shows data on a hypothetical country's real GDP from 1980 through 1988:Year198019811982198319841985198619871988Real GDP(Billions of Dollars)368380384392408412404400404The 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 themconnected. Line segments will connect the points automatically.) Next, place the black point (plus symbol) on the graph to indicate the point on the realGDP 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 thatdefinitely represents a trough.REAL GDP (Billions of dollars)440432424416408400392384376368360Growth trend19801981 19821983 1984 1985 1986 1987 1988YEAR-OReal GDP+PeakTrought(?)

Real GDP measures the value of economic outcomes adjusted for price fluctuations at the…

Answered: This economy experienced a contraction…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Need help with this. Start with Part 1 and 2 Screenshots, both are able to be zoomed so you can see them better then answer this question/s down below:

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This economy experienced a contraction in the years_________(Choose one of these: 1980-1981, 1981-1985, 1986-1987 or 1987-1988). On the first graph (showing real GDP), this contraction is seen as a period in which the level of real GDP__________(Choose one of these: decreases, is negative or is below the long-term trend line). On the second graph (showing annual change in real GDP), this contraction is seen as a period in which the growth rate of real GDP________(Choose one of these: increases, decreases, is positive or is negative) .

True or False: This economy was experiencing an expansion in 1981.

True

False

In case you decided this is more than 1 question, I agree for you to do the entire thing just let me know what to do.

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.)
ANNUAL REAL GDP GROWTH RATE (Percent)
-5
1981
1982
1983
1984
1985
YEAR
1986 1987 1988
Annual Real GDP Growth
?

1. Economic fluctuations and growth
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)
368
380
384
392
408
412
404
400
404
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.
REAL GDP (Billions of dollars)
440
432
424
416
408
400
392
384
376
368
360
Growth trend
1980
1981 1982
1983 1984 1985 1986 1987 1988
YEAR
-O
Real GDP
+
Peak
Trought
(?)

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Need help with putting the peak and trough.

The graph represents the Real GDP from 1980 to 1988, measured in billions of dollars. It consists of a blue line that indicates the actual Real GDP values over the years and a green line depicting the growth trend.

### Key Elements:

- **Real GDP Line (Blue):** This line shows the fluctuation in GDP year by year. Each node on the line represents the GDP for a specific year.

- **Growth Trend Line (Green):** This line represents the general trend of GDP growth over time, showing a gradual increase.

- **Markers:**
- **Peaks (+):** Indicate the highest points of GDP within the period.
- **Troughs (★):** Represent the lowest points or downturns in GDP.

### Observations:

- **1980-1983:** The Real GDP shows a slight decline and then an increase, with a significant trough around 1983.
- **1983-1985:** The GDP rises sharply, reaching a peak in 1984.
- **1985-1988:** There are fluctuations, with slight decreases and increases, but the overall trend remains upward in alignment with the growth trend line.

This graph illustrates the economic growth pattern and cycles of the period, characterized by peaks of economic expansion and troughs of contraction.

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