Part 1

Part 2

Part 3

The table below reports quarterly GDP and real GDP data for the United States during the Great Recession, which lasted from the end of 2007 to mid-2009. a) From 2007 Q4 through 2009 Q2, real GDP grew by \% (give your answer to two decimal places). b) Over the same period, price level grew by \% (give your answer to two decimal places). During which quarters was real GDP growth negative? Choose one or more: A. 2008 Q1 B. 2008Q2 C. 2008Q3 D. 2008 Q4 E. 2009 Q1 F. 2009 Q2 By the end of 2009 , the economy had recovered slightly; however, the economy was still smaller than it was two years prior. From 2007 to 2009 , real GDP had fallen from $15,762 billion to $15,356 billion. How deep was the recession? Suppose that the long-run growth trend of real GDP was 3\% per year. If the economy had grown at 3\% per year since 2007 , there was a shortfall of $ billion at the end of 2009. (Give your answer to the nearest whole number)