This economy experienced a contraction in the years_________(Choose one of these: 1980-1981, 1981-1985, 1986-1987 or 1987-1988). On the first graph (showing real GDP), this contraction is seen as a period in which the level of real GDP__________(Choose one of these: decreases, is negative or is below the long-term trend line). On the second graph (showing annual change in real GDP), this contraction is seen as a period in which the growth rate of real GDP________(Choose one of these: increases, decreases, is positive or is negative) .
This economy experienced a contraction in the years_________(Choose one of these: 1980-1981, 1981-1985, 1986-1987 or 1987-1988). On the first graph (showing real GDP), this contraction is seen as a period in which the level of real GDP__________(Choose one of these: decreases, is negative or is below the long-term trend line). On the second graph (showing annual change in real GDP), this contraction is seen as a period in which the growth rate of real GDP________(Choose one of these: increases, decreases, is positive or is negative) .
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
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This economy experienced a contraction in the years_________(Choose one of these: 1980-1981, 1981-1985, 1986-1987 or 1987-1988). On the first graph (showing real GDP ), this contraction is seen as a period in which the level of real GDP__________(Choose one of these: decreases, is negative or is below the long-term trend line). On the second graph (showing annual change in real GDP), this contraction is seen as a period in which the growth rate of real GDP________(Choose one of these: increases, decreases, is positive or is negative) .
True or False: This economy was experiencing an expansion in 1981.
True
False
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