Answered: Use the blue points (circle symbol) to…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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.

2. Economic fluctuations and growth
The following table shows data on a hypothetical country's real GDP from 1970 through 1978:
Real GDP
Year
(Billions of Dollars)
1970
186
1971
190
1972
192
1973
202
1974
200
1975
194
1976
196
1977
200
1978
202

220
216
Real GDP
212
208
Peak
204
200
196
Trough
Growth trend
192
188
184
180
1970
1971
1972
1973
1974
1975
1976
1977
1978
YEAR
REAL GDP (Billions of dollars)

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