Given below are data on real GDP and potential GDP for the United States for the years

Question:

Given below are data on real GDP and potential GDP for the United States for the years 2000-2010, in billions of 2005 dollars. For each year, calculate the output gap as a percentage of potential GDP and state whether the gap is a recessionary gap or an expansionary gap. Also calculate the year-to-year growth rates of real GDP. Identify the recessions that occurred during this period?
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Principles of Economics

ISBN: 978-0073511405

5th edition

Authors: Robert Frank, Ben Bernanke

Question Posted: