pls verify if my answers are correct in the first picture and correct me if im worng. also please finish the rest of the question and graphs Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change in real GDP equals the change in GDP fromthe previous year to the current year. For example, you can calculate the percentage change for 1981 by finding the change in GDP from 1980 to1981, dividing this change by the level of GDP in 1980, and then multiplying the result by 100%.)Once you've calculated the percentage change for each of the years, use the orange points (square symbol) to plot your results on the followinggraph, rounded to the nearest percent. For each year, plot the percentage change from the year before. (Hint: For example, you should plot thegrowth rate from 1980 to 1981 with a horizontal coordinate of 1981.)(?)5Annual Changeis negativeis below the long term trend linedecreases (slopes downwards)1987-19881981-19851986-19871980-1981On the first graph (showing real GDP), this contraction is seen as a period in. On the second graph (showing annual change in real GDP), this contraction is3is negativeincreases (slopes upwards)decreases (slopes downwards)is postiveWANNUAL CHANGE IN RE AL GDP (Percent)&NNपुं-5198119821983This economy experienced a contraction in the yearswhich the level of real GDPseen as a period in which the growth rate of real GDPTrue or False: This economy was experiencing a contraction in 1981.TrueFalse1984 1985 1986 1987 1988YEAR The following table shows data on a hypothetical country's real GDP from 1980 through 1988:Real GDP(Billions of Dollars)Year198036819813801982384198339219844081985412198640419874001988404The green line on the following graph shows the economy's long-term growth trend.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 themconnected. Line segments will connect the points automatically.) Next, place the black point (plus symbol) on the graph to indicate the point on thereal 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 curvethat definitely represents a trough.?440432424416+408400392384376368360REAL GDP (Billions of dollars)OGrowth TrendO1980 1981OCO1982 1983 1984 1985 1986 1987 1988YEARReal GDPPeak☆Trough

Real GDP is a macroeconomic proportion of the worth of economic results adapted to price changes .…

Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change in real GDP equals the change in GDP from the previous year to the current year. For example, you can calculate the percentage change for 1981 by finding the change in GDP from 1980 to 1981, dividing this change by the level of GDP in 1980, and then multiplying the result by 100%.) Once you've calculated the percentage change for each of the years, use the orange points (square symbol) to plot your results on the following graph, rounded to the nearest percent. For each year, plot the percentage change from the year before. (Hint: For example, you should plot the growth rate from 1980 to 1981 with a horizontal coordinate of 1981.)

Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change in real GDP equals the change in GDP from the previous year to the current year. For example, you can calculate the percentage change for 1981 by finding the change in GDP from 1980 to 1981, dividing this change by the level of GDP in 1980, and then multiplying the result by 100%.) Once you've calculated the percentage change for each of the years, use the orange points (square symbol) to plot your results on the following graph, rounded to the nearest percent. For each year, plot the percentage change from the year before. (Hint: For example, you should plot the growth rate from 1980 to 1981 with a horizontal coordinate of 1981.)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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