Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. 1. Economic fluctuations and growthThe following table shows data on a hypothetical country's real GDP from 1980 through 1988:Year1980198119821983.19841985198619871988REAL GDP (Bilions of dollars)440The green line on the following graph shows the economy's long-term growth trend. Use the blue points (circle symbol) to plot thereal GDP in each of the years listed. Be sure to plot from left to right. Line segments will automatically connect the points. 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.432416408400392384376Real GDP(Billions of Dollars)368376368384396Growth trend4083963923964043601980 1981 1982 1983 1984 1985 1986 1987 1988YEARReal GDP+Peak8Trough Calculate the percentage change in real GDP in each of the years shown. (The percentage change in real GDP equals the change inGDP from the previous year to the current year. For example, you can calculate the percentage change for 1981 by finding thechange 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 onthe following graph, rounded to the nearest percent. For each year, plot the percentage change from the year before. For example,you should plot the growth rate from 1980 to 1981 with a horizontal coordinate of 1981.ANNUAL REAL GDP GROWTH RATE (Percent)5432-1-4-51981 1982 1983 1984 1985 1986 1987YEAR1988● FalseAnnual Real GDP GrowthThis economy experienced a contraction in the yearsseen as a period in which the level of real GDPannual change in real GDP), this contraction is seen as a period in which the growth rate of real GDPTrue or False: This economy was experiencing a contraction in 1988.TrueOn the first graph (showing real GDP), this contraction is. On the second graph (showing

Annual real GDP growth refers to the percentage increase in a country's Gross Domestic Product (GDP)…

The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Real GDP Year (Billions of Dollars) 1980 368 1981 376 1982 384 11 1983 396 1984 408 1985 396 1986 392 1987 396 1988 404 The 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. Be sure to plot from left to right. Line segments will automatically connect the points. 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. REAL GDP (Bilions of dollars) 440 432 416 408 400 392 384 376 Growth trend 368 360 1980 1981 1982 1983 1984 1985 1986 1987 1988 YEAR + O Real GDP Peak 0 Trough

The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Real GDP Year (Billions of Dollars) 1980 368 1981 376 1982 384 11 1983 396 1984 408 1985 396 1986 392 1987 396 1988 404 The 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. Be sure to plot from left to right. Line segments will automatically connect the points. 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. REAL GDP (Bilions of dollars) 440 432 416 408 400 392 384 376 Growth trend 368 360 1980 1981 1982 1983 1984 1985 1986 1987 1988 YEAR + O Real GDP Peak 0 Trough

Essentials of Economics (MindTap Course List)

8th Edition

ISBN:9781337091992

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter15: Measuring A Nation's Income

Section: Chapter Questions

Problem 7PA

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The following table shows data on a hypothetical country's real GDP from 1970 through 1978: Year Real GDP (Billions of Dollars ) 1970 368 1971 380 1972 384 1973 392 1974 408 1975 The 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 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. Real GDP Peak Trough 1970 1971 1972 1973 1974 1975 1976 1977 1978 440 4 REAL GDP (Billions of dollars) YEAR Growth trend Calculate the percentage change in real GDP in each of the years shown. (Hint: The percentage change in real GDP equals the…
2. Economic fluctuations and growth The following table shows data on a hypothetical country's real GDP from 1980 through 1988: Year 1980 1981 1982 1983 1984 1985 1986 1987 1988 REAL GDP (Billions of dollars) 220 216 The green line on the following graph shows the economy's long-term growth trend. 212 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. 208 204 200 196 192 188 Real GDP (Billions of Dollars) 188 184 190 180 194 204 202 198 196 200 206 Long-term growth trend 1980 1981 1982 1983 1984 1985 1986 1987 1988 YEAR o Real GDP Peak Trough
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