Confused on and don’t know how to find the correct answers Step 1: Peak and TroughThe following table shows data on a hypothetical country's Real GDP from 1980 through 1988:REAL GDP (Billions of dollars)Real GDPYear (Billions of Dollars)1980475&&&&&&$ $ $ $1981The green line on the following graph shows the economy's long-term growth trend.5101982198319841985198619871988Use the blue points (circle symbol) to plot the Real GDP in each of the years listed. (Note: Plotyour points in the order in which you would like them connected. Line segments will connectthe points automatically.) Next, place the black point (plus symbol) on the graph to indicatethe 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 definitelyrepresents a trough.480505500485490500505525Growth trend1980 1981 1982 1983 1984 1985 1986 1987 1988YEAR1984198219861983OReal GDP+Peak*Trough(?)Based on the graph, in which of the following years did the economy experience apeak? Check all that apply. Once again, consider the following data on a hypothetical country's Real GDP from 1980through 1988.ANNUAL CHANGE IN REAL GDP (Percent)3Calculate the percentage change in Real GDP in each of the years shown. (Hint: Thepercentage change in Real GDP captures the change in GDP from the previous year to thecurrent 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 thenmultiplying the result by 100.)2Real GDPYear (Billions of Dollars)1980475Use the orange points (square symbol) to plot the results of your calculations on the followinggraph. (Hint: Round to the nearest percent.) For each year, plot the percentage change fromthe year before. (Hint: For example, you should plot the growth rate from 1980 to 1981 witha horizontal coordinate of 1981.)11981-3198219831984198519861987198819814805055004854905005055251982 19831984 1985 1986 1987YEARExpansion1988-0Annual Change?This economy experienced a contraction in the yearsOn the first graph (showingReal GDP), this contraction is seen as a period in which the level of Real GDPOn the second graph (showing annual change in Real GDP), thiscontraction is seen as a period in which the growth rate of Real GDP.In 1988, which of the following phases in the business cycle could this economy have beenexperiencing? Check all that apply.

In below Graph, Peak is when GDP is highest (1988) and Trough is when GDP is lowest (1980).…

The following table shows data on a hypothetical country's Real GDP from 1980 through 1988: REAL GDP (Billions of dollars) The green line on the following graph shows the economy's long-term growth trend. 560 540 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. 530 520 8510 Real GDP Year (Billions of Dollars) 1980 475 490 1981 1982 1983 1984 1985 1986 1987 1988 480 500+ 470 480 505 500 485 490 500 505 525 Growth trend Real GDP + Peak Trough ?

The following table shows data on a hypothetical country's Real GDP from 1980 through 1988: REAL GDP (Billions of dollars) The green line on the following graph shows the economy's long-term growth trend. 560 540 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. 530 520 8510 Real GDP Year (Billions of Dollars) 1980 475 490 1981 1982 1983 1984 1985 1986 1987 1988 480 500+ 470 480 505 500 485 490 500 505 525 Growth trend Real GDP + Peak 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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