Year Real GDP Potential GDP Output gap Type of gap Growth rate of real GDP 2009 12,910 13,280 % (Click to select) expansionary recessionary ----- 2010 13,590 13,000 % (Click to select) expansionary recessionary % 2011 14,050 13,160 % (Click to select) expansionary recessionary % 2012 13,600 13,800 % (Click to select) recessionary expansionary % 2013 13,680 14,200 % (Click to select) expansionary recessionary %
Year Real GDP Potential GDP Output gap Type of gap Growth rate of real GDP 2009 12,910 13,280 % (Click to select) expansionary recessionary ----- 2010 13,590 13,000 % (Click to select) expansionary recessionary % 2011 14,050 13,160 % (Click to select) expansionary recessionary % 2012 13,600 13,800 % (Click to select) recessionary expansionary % 2013 13,680 14,200 % (Click to select) expansionary recessionary %
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Given below are data on real GDP and potential GDP for the nation of Anaziland for the years 2009–2013, in billions of 2009 currency. For each year, calculate the output gap as a percentage of potential GDP and state whether the gap is a recessionary gap or an expansionary gap. Also calculate the year-to-year growth rates of real GDP.
Instructions: Enter your response as a percentage rounded two decimal places.If you are entering any negative numbers be sure to include a negative sign (-) in front of those numbers.
Year | Real GDP | Potential GDP | Output gap | Type of gap | Growth rate of real GDP |
2009 | 12,910 | 13,280 | % | (Click to select) expansionary recessionary | ----- |
2010 | 13,590 | 13,000 | % | (Click to select) expansionary recessionary | % |
2011 | 14,050 | 13,160 | % | (Click to select) expansionary recessionary | % |
2012 | 13,600 | 13,800 | % | (Click to select) recessionary expansionary | % |
2013 | 13,680 | 14,200 | % | (Click to select) expansionary recessionary | % |
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