MACROECONOMICS (LL)
21st Edition
ISBN: 9781260186949
Author: McConnell
Publisher: MCG
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Chapter 9, Problem 1P
To determine
The trend rate of growth of the economy .
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Suppose that a country's annual growth rates were 5, 3, 4 , -1 , -2 , 2 , 3 , 4, 6, and 3 in yearly sequence over a 10 - year period . a ) What was the country's trend rate of growth over this period ? b ) Which set of years most clearly demonstrates an expansionary phase of the business cycle ? c ) Which set of years best illustrates a recessionary phase of the business cycle ?
11) The relationship between the growth rate of an economic variable, gt, and its level, yt, can be approximated by
A) gt = yt - yt - 1.
B) gt = logt - log yt - 1.
C) yt = log gt - log gt - 1.
D) log gt = yt - yt - 1.
12) The business cycle component of the log of real per-capita GNP is equal to
A) log of actual real GNP - log of trend GNP.
B) log of trend GNP ÷ log of actual real GNP.
C) log of trend GNP - log of actual real GNP.
D) log of actual real GNP ÷ log of trend GNP.
13) For the study of economic growth, it is most helpful to examine movements in ________; for the study of business cycles, it is most helpful to examine movements in ________.
A) trend GNP; trend GNP
B) trend GNP; deviations from trend in GNP
C) deviations from trend in GNP; trend GNP
D) deviations from trend in GNP; deviations from trend in GNP
14) Over the twentieth century, growth in per-capita GNP was highest
A) immediately prior to the Great…
Suppose that the annual rates of growth of real GDP of Econoland over a five-year period were sequentially as follows: 3 percent, 1 percent, -2 percent, 4 percent, and 5 percent. What was the average of these growth rates in Econoland over these 5 years? What term would economists use to describe what happened in year 3?
Chapter 9 Solutions
MACROECONOMICS (LL)
Ch. 9 - Prob. 1DQCh. 9 - Prob. 2DQCh. 9 - Prob. 3DQCh. 9 - Prob. 4DQCh. 9 - Prob. 5DQCh. 9 - Prob. 6DQCh. 9 - Prob. 7DQCh. 9 - Prob. 8DQCh. 9 - Prob. 9DQCh. 9 - Prob. 10DQ
Ch. 9 - Prob. 11DQCh. 9 - Prob. 1RQCh. 9 - Prob. 2RQCh. 9 - Prob. 3RQCh. 9 - Prob. 4RQCh. 9 - Prob. 5RQCh. 9 - Prob. 6RQCh. 9 - Prob. 7RQCh. 9 - Prob. 8RQCh. 9 - Prob. 9RQCh. 9 - Prob. 10RQCh. 9 - Prob. 11RQCh. 9 - Prob. 1PCh. 9 - Prob. 2PCh. 9 - Prob. 3PCh. 9 - Prob. 4PCh. 9 - Prob. 5PCh. 9 - Prob. 6PCh. 9 - Prob. 7PCh. 9 - Prob. 8P
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- Do you think perfect indexing is possible? Why or why not?arrow_forwardThe graph shows the annual growth rate of the GDP of the United States economy since the first quarter of 1990. 1. Based on the phases of the business cycle, how can you represent the concept on this graph? Explain.2. Without necessarily having the numerical data, what level (high or low) of unemployment could have been registered in some of the periods presented in the graph? Explain your answer indicating why.3. Without necessarily having the numerical data, what level (high or low) of inflation could have been registered in some of the periods presented in the graph? Explain your answer indicating why.4. How do you correlate your answers in the previous questions with the phases of economic cycles and their effects in the short and long term? Explain your answer.arrow_forwardConsider the following data on Prices and Quantities of T-Shirts and Pajamas 4. What wasthe growth rate ofNominalGDP between 2016and 2017? 5. Was the growth rate of real GDP higher or lower that the growth rate of nominalGDP?Explainarrow_forward
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