Use the accompanying table to calculate the output gap for each year. Real GDP Potential Output Year (trillions of $) (trillions of $) 2014 $17.11 $17.38 2015 $17.46 $17.69 2016 $17.78 $17.99 2017 $18.22 $18.29 2018 $18.77 $18.65 a. 2014 output gap: 98.4 percent b. 2015 output gap: 101.32 percent c. 2016 output gap: 0.21 percent d. 2017 output gap: 0.07 percent f. When there is a negative output gap, there are e. 2018 output gap: 0.12 percent

Use the accompanying table to calculate the output gap for each year. Real GDP Potential Output Year (trillions of $) (trillions of $) 2014 $17.11 $17.38 2015 $17.46 $17.69 2016 $17.78 $17.99 2017 $18.22 $18.29 2018 $18.77 $18.65 a. 2014 output gap: 98.4 percent b. 2015 output gap: 101.32 percent c. 2016 output gap: 0.21 percent d. 2017 output gap: 0.07 percent f. When there is a negative output gap, there are e. 2018 output gap: 0.12 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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