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1. What is the real GDP gap (output gap) and how is it constructed? Use real GDP (GDPC1) and real potential GDP (GDPPOT) to construct

1. What is the real GDP gap ("output gap") and how is it constructed? Use real GDP (GDPC1) and real potential GDP (GDPPOT) to construct the following graphs: a. The levels of real GDP and real potential GDP from 1947-present (use LINE 1 and LINE 2)

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