Bundle: Macroeconomics, 13th + Aplia, 1 Term Printed Access Card
13th Edition
ISBN: 9781337742375
Author: Roger A. Arnold
Publisher: Cengage Learning
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Question
Chapter 7.4, Problem 3ST
To determine
Explain the business cycle and real GDP growth.
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How has real GDP growth performed recently? Does it suggest the economy is growing close to potential (or the steady state rate of growth)?
What happens to a country's consumption as it moves along the business cycle? Track its
behavior from the starting phase of the business cycle until its last.
In the very long run, what are the major factors that are responsible for growth in potential output or GDP? Use the production function to support your answer.
Chapter 7 Solutions
Bundle: Macroeconomics, 13th + Aplia, 1 Term Printed Access Card
Ch. 7.1 - Prob. 1STCh. 7.1 - Prob. 2STCh. 7.2 - Prob. 1STCh. 7.2 - Prob. 2STCh. 7.2 - Prob. 3STCh. 7.4 - Prob. 1STCh. 7.4 - Prob. 2STCh. 7.4 - Prob. 3STCh. 7 - Prob. 1QPCh. 7 - Prob. 2QP
Ch. 7 - Prob. 3QPCh. 7 - Prob. 4QPCh. 7 - Prob. 5QPCh. 7 - Prob. 6QPCh. 7 - Prob. 7QPCh. 7 - Prob. 8QPCh. 7 - Prob. 9QPCh. 7 - Prob. 10QPCh. 7 - Prob. 11QPCh. 7 - Prob. 12QPCh. 7 - Prob. 13QPCh. 7 - Prob. 14QPCh. 7 - Prob. 1WNGCh. 7 - Prob. 2WNGCh. 7 - Prob. 3WNGCh. 7 - Prob. 4WNGCh. 7 - Prob. 5WNGCh. 7 - Prob. 6WNGCh. 7 - Prob. 7WNGCh. 7 - Prob. 8WNGCh. 7 - Prob. 9WNGCh. 7 - Prob. 10WNGCh. 7 - Prob. 11WNG
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- We learn to see economic expansion as natural and good. When the economy stays the same for a number ofmonths, we say we are experiencing “stagnation.” How do we define a period when the economy gets smaller,as happened during the fall of 2008?arrow_forwardEvery economy has to face a business cycle. Explain which part is worse for economy and which one is better. Provide detail with some historical data.arrow_forwardHow do I explain how changes in unemployment and inflation are related to changes in GDP growth? My answer will ultimately be specific to the 1980s.arrow_forward
- The growth rate of real GDP in the United States rises from 4.2% to 4.4%. Explain and calculate how this increase in the growth rate of real GDP affects the number of years it will take for real GDP to double.arrow_forwardDuring a certain period of time, the economic growth of a country is reflected through some phases of the economic cycle. What is a business cycle? Explain. What are the four phases of the business cycle? Explain each one. Do the four phases have a certain order? Explain your answer. Does an economic cycle have a specific period of months or years? Explain your answer.arrow_forwardWrite down an equation of motion which takes into consideration technological advancement and what condition must be true if the economy is in the steady state. Be sure to label what the components are.arrow_forward
- At the time you are studying the material in this chapter, which phase of the business cycle do you think the U.S. economy is in? Justify your answer.arrow_forwardA broader definition of macroeconomics and its relationship with the level of production, unemployment and inflation of a country.arrow_forwardIf output rises by 35 percent while hours of work increase by 40 percent, has productivity increased or decreased? By how much?arrow_forward
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