Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows: Growth Rate (5) 5 2 Year 1 2 3 4 5 4 5 a. What was the average of these growth rates in Econoland over these five years? Instructions: Enter your answer rounded to 1 decimal place. percent b. What term would economists use to describe what happened in year 3? Recession c. If the growth rate in year 3 had been a positive 3 percent rather than a negative 2 percent, what would have been Econoland's average growth rate over the five years? Instructions: Enter your answer rounded to 1 decimal place. percent

Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows: Growth Rate (5) 5 2 Year 1 2 3 4 5 4 5 a. What was the average of these growth rates in Econoland over these five years? Instructions: Enter your answer rounded to 1 decimal place. percent b. What term would economists use to describe what happened in year 3? Recession c. If the growth rate in year 3 had been a positive 3 percent rather than a negative 2 percent, what would have been Econoland's average growth rate over the five years? Instructions: Enter your answer rounded to 1 decimal place. percent

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter20: Economic Growth

Section: Chapter Questions

Problem 20RQ: For a high-income economy like the United States, what aggregate production function elements are...

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Year Real GDP Nominal GDP 2019 $15,510.79 $17,310.70 2020 $17,495.23 $18,761.83 2021 $18,209.59 $19,253.97 Refer to the table above. What is the growth rate in real GDP from 2020 to 2021? Answer this as a percentage and round your answer to two digits after the decimal without the percentage sign. ex. If you found the rate to be 5.125%, answer 5.13.
Suppose that a country's annual growth rates were as follows over a 10-year period. Year 2 3 6 10 Growth Rate 5 3 4 -3 -4 2 3 4 What was the country's trend rate of growth over this period? Instruction: Round your answer to one decimal place. The trend rate of growth= 23 percent Which set of years most clearly demonstrates an expansionary phase of the business cycle? Years 6 through [ 9 Which set of years best illustrates a recessionary phase of the business cycle? Years 4 through
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Question 17: Recall the discussion that we had in class about growth and the discrete equation of growth. As we all know, China's economy has already overtaken the US economy in terms of GDP@PPP (with it being almost $25T dollars for China vs. $20T dollars for the US in 2018). However, in terms of GDP@ER', the US economy is still running ahead of China's economy (with it being almost $20.5T dollars for the US vs. $13.5T dollars for China’s economy in 2018). According to the IMF forecasts, we can expect that the US GDP@ER will grow annually at the rate of 2.5% on average and that of China will grow annually at the rate of 6.5% on average in the next three decades. Please use the discrete formula of growth to find out how many years it will take for China's economy to overtake the US economy in terms of GDP@ER. a. 11 years b. 22 years с. 33 years d. 44 years е. 55 years f. 66 years