Use the accompanying table to answer the following questions. Year Real GDP (trillions of $) Potential Output (trillions of $) 2014 $17.11 $17.38 2015 $17.46 $17.69 2016 $17.78 $17.99 2017 $18.22 $18.29 2018 $18.77 $18.65 a. 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.

Use the accompanying table to answer the following questions. Year Real GDP (trillions of $) Potential Output (trillions of $) 2014 $17.11 $17.38 2015 $17.46 $17.69 2016 $17.78 $17.99 2017 $18.22 $18.29 2018 $18.77 $18.65 a. 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.

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 9WNG

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Year	Real GDP (trillions of $)	Potential Output (trillions of $)
2014	$17.11	$17.38
2015	$17.46	$17.69
2016	$17.78	$17.99
2017	$18.22	$18.29
2018	$18.77	$18.65

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