Employment, Inflation, and Interest Rates: Output Gap Calculation Assume ACTUAL GDP five years ago was $18 trillion and the growth rate over the last five years was 3%. Assume also that POTENTIAL GDP five years ago was $19 trillion and potential GDP grows 2.5% per year. What is the OUTPUT GAP? Calculate the output gap as potential GDP minus actual GDP. IMPORTANT: Enter your answer in trillions to two decimals and without the dollar sign. For instance, if your answer is $0.556 trillion, enter 0.56