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Assume that Econoland has a natural unemployment rate of 6% and has averaged a GDP growth rate of 3% over the past 30 years.

Assume that Econoland has a natural unemployment rate of 6% and has averaged a GDP growth rate of 3% over the Year 2014 2015 2016 2017 2018 GDP (% change) 0% -1% -2% 2% 4% Unemployment (% of labor force) 7% 8% 10% 6% 5%

Assume that Econoland has a natural unemployment rate of 6% and has averaged a GDP growth rate of 3% over the past 30 years. Based on the data, during which years was Econoland most likely to be in the expansion phase of the business cycle? Year 2014 2015 2016 2017 2018 GDP (% change) 0% -1% -2% 2% 4% Unemployment (% of labor force) 7% 8% 10% 6% 5%

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