Year Real GDP Попознае вар dateActual and potential output in the United States and Potential Output (trillions) Solo (trillions) 2016 $17.68 $18.02 sqad 2017 $18.0898 $18.32 2018 $18.61 $18.65 2019 $19.03 $19.02 2020 $18.38 $19.38 2021 $19.43 $19.78 a. Calculate the output gap for each year. b. What does it mean when the output gap is negative? What does it mean when it is positive? c. For each year, calculate how much the output gap changed. Compare this to the growth rate of actual output that year, less the growth rate of potential output. Chut

Year Real GDP Попознае вар dateActual and potential output in the United States and Potential Output (trillions) Solo (trillions) 2016 $17.68 $18.02 sqad 2017 $18.0898 $18.32 2018 $18.61 $18.65 2019 $19.03 $19.02 2020 $18.38 $19.38 2021 $19.43 $19.78 a. Calculate the output gap for each year. b. What does it mean when the output gap is negative? What does it mean when it is positive? c. For each year, calculate how much the output gap changed. Compare this to the growth rate of actual output that year, less the growth rate of potential output. Chut

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Actual and potential output in the United States \table[[Year, \table[[Real GDP], [(trillions)]], \table[[Potential Output], [( trillions)]]], [2016, $17.68, $18.02 Real GDP (trillions) $17.68 qadi 2017 $18.08 geld in loolivo zoy matal glød lliw radi sisi bon of doj Actual and potential output in the United States and Year Полозвае вар 2016 $18.02 D$18.32 Potential Output ollo (trillions) o ban 2018 $18.61 $18.65 2019 $19.03 $19.02 2020 $18.38 $19.38 2021 $19.43 $19.78 a. Calculate the output gap for each year. b. What does it mean when the output gap is negative? What does it mean when it is positive? c. For each year, calculate how much the output gap changed. Compare this to the growth rate of actual output that year, less the growth rate of potential output.
Hi, can help me explain the question? thank u 1. Calculate the Gross Domestic Product (GDP) at current prices for each quarter.
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