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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

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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 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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