please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly Problem 12-03 (algo, with video solution)Given below are data on real GDP and potential GDP for the nation of Anaziland for the years 2009-2013, in billions of 2009 currency.For each year, calculate the output gap as a percentage of potential GDP and state whether the gap is a recessionary gap or anexpansionary gap. Also calculate the year-to-year growth rates of real GDP.Instructions: Enter your response as a percentage rounded two decimal places. If you are entering any negative numbers be sure toinclude a negative sign (-) in front of those numbers.YearReal GDPPotential GDPOutput gapType of gapGrowth rate ofreal GDP200911,72011,950%(Click to select ✓201012,19011,950%(Click to select ✓%201112,65012,320%(Click to select ✓%201212,62012,890%(Click to select%201312,28013,150%(Click to select ✓%Recessionary gap is identified during2011-2012O 2009; 2012-2013© 2009-2010; 20132010-2011

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Answered: Problem 12-03 (algo, with video…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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