consider the macroeconomic data shown below for a hypothetical country's economy.

1. Consider the macroeconomic data shown below for a hypothetical country's economy. Year Actual Real GDP Potential Real GDP Unemployment (billions of $) Output Gap (% of (billions of $) Rate (%) potential) 2011 1168 1188 11.1 2012 1184 1196 10.2 2013 1197 1205 9.1 2014 1211 1215 8.3 2015 1225 1225 7.6 2016 1240 1236 7.3 2017 1253 1247 7.1 2018 1262 1258 7.3 2019 1270 1270 7.6 a) Compute the output gap for each year and express it as a percentage of potential output. (1 mark) b) Explain how GDP can exceed potential GDP. (1.5 marks) c) Does Real GDP fall in the time period shown? What do economists call such periods? (1 mark) d) What is the unemployment rate when this economy is at "full employment"? What kind of unemployment exists at this time? (1.5 marks)