After you have studied Reading Between the Lines on pp. 502503 answer the following questions. a. Which
Question:
After you have studied Reading Between the Lines on pp. 502–503 answer the following questions.
a. Which measure of GDP would you use to describe the shape of the recovery from recession:
real GDP or nominal GDP? Explain your answer.
b. Which measure of GDP would you use to describe the rate of growth of the standard of living: real GDP or nominal GDP? Explain your answer.
c. If the recovery was a precise “square-root”
shape, what would the growth rate of real GDP be?
d. Why is the news article wrong about the effect of a slowdown in nominal GDP growth on how slow the growth rate will “feel”?
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