1. Business
  2. Economics
  3. please let me know if i solved anything incorrectly and...

Question: please let me know if i solved anything incorrectly and...

Question details

The following table shows data on a hypothetical countrys real GDP from 2000 through 2008: Aggregate Output (Billions of Dollars) 186 190 192 202 200 194 196 200 202 Year 2000 2001 2002 2003 2004 2005 2006 2007 2008 The green line on the following graph shows the economys long-term growth trend. Use the blue points (circle symbol) to plot the real GDP in each of the years listed. Be sure to plot from left to right. Line segments will automatically connect the points. Next, place the black point (X symbol) on the graph to indicate the point on the real GDP curve that definitely represents a peak. Finally, place the red point (cross symbol) on the graph to indicate the point on the real GDP curve that definitely represents a trough. AGGREGATE OUTPUT (Billions of dollars 220 216 212 208 Aggregate Output Long-Tern Growth Trend Peak Trough 200 192 188 184 900 2001 2002 2003 2904 2005 2006 2007 2006 YEAH
Calculate the percentage change In real GDP in each of the years shown. (The percentage change in real GDP equals the change in GDP from the previous year to the current year. For example, you can calculate the percentage change for 2001 by finding the change in GDP from 2000 to 2001, dividing this change by the level of GDP in 2000, and then multiplying the result by 100%.) Once youve calculated the percentage change for each of the years, use the orange points (square symbol) to plot your results on the following graph, rounded to the nearest percent. For each year, plot the percentage change from the year before. For example, you should plot the growth rate from 2000 to 2001 with a horizontal coordinate of 2001. ANNUAL CHANGE IN AGG, OUTPUT İPer cent] Annual Change -2 2001 2002 2003 2004 2005 2006 2007 2008 YEAR This economy experienced a contraction in the years 2004-2005 On the first graph (showing real GDP), this contraction is seen as a period in which the level of real GOP decreases (slopes do second graph (showing annual change in real GOP), this contraction is seen as a period in which the growth rate of real GDP On the is negative True or False: This economy was experiencing a contraction in 2008 True O False
-1 -2 -3 -5 2001 2002 2003 2004 2005 2006 2007 2008 YEAR Clear This economy experienced a contraction in the years 2004-2005On the first graph (showing real GDP), this contraction is seen as a period in which the level of real GDP decreases (slopes downward) d graph (showing annual change in real GDP), this contraction is seen as a period in which the growth rate of real GDP is negative is negative increases (siopes upward) is positive decreases (slopes downward) True or F a contraction in 2008. True O False
Please let me know if I solved anything incorrectly, and what’s the right way to do it
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution