1. Suppose that the annual rates of growth of real GDP in 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 five years? What term would economists use to describe what happened in year 3? If the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been Econoland's average growth rate over the five years?
1. Suppose that the annual rates of growth of real GDP in 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 five years? What term would economists use to describe what happened in year 3? If the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been Econoland's average growth rate over the five years?
Brief Principles of Macroeconomics (MindTap Course List)
8th Edition
ISBN:9781337091985
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter7: Production And Growth
Section: Chapter Questions
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![1. Suppose that the annual rates of growth
of real GDP in 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 five years? What
term would economists use to describe
what happened in year 3? If the growth
rate in year 3 had been a positive 2
percent rather than a negative 2 percent,
what would have been Econoland's
average growth rate over the five years?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa21c1269-87e8-4da1-b8f7-5532f325dbe5%2F22b59477-420a-430b-9add-15161bc13151%2Fwx9mp2h.png&w=3840&q=75)
Transcribed Image Text:1. Suppose that the annual rates of growth
of real GDP in 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 five years? What
term would economists use to describe
what happened in year 3? If the growth
rate in year 3 had been a positive 2
percent rather than a negative 2 percent,
what would have been Econoland's
average growth rate over the five years?
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