Suppose that the annual rates of growth of real GDP of Econoland over a five-year period are as follows: Year Growth Rate ($) 1 4 2 2 4 4 6. Instructions: Round your answers to 2 decimal places. a. What was the average of these growth rates in Econoland over these 5 years? percent

Suppose that the annual rates of growth of real GDP of Econoland over a five-year period are as follows: Year Growth Rate ($) 1 4 2 2 4 4 6. Instructions: Round your answers to 2 decimal places. a. What was the average of these growth rates in Econoland over these 5 years? percent

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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Question

Suppose that the annual rates of growth of real GDP of Econoland over a five-year period are as follows:
Year
Growth Rate ($)
1
4
2
2
3
4
4
6.
Instructions: Round your answers to 2 decimal places.
a. What was the average of these growth rates in Econoland over these 5 years?
percent
c. If the growth rate in year 3 had been a positive 5 percent rather than a negative 2 percent, what would have been the average
growth rate?

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