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Refer to the following table. What was the approximate output gap in 1972? Year Real GDP Potential GDP (billions of $) (billions of $) 1970

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Refer to the following table. What was the approximate output gap in 1972? Year Real GDP Potential GDP (billions of $) (billions of $) 1970 93 90 1971 96 94 1972 105 99 1973 109 104 1974 100 107 3.3% 6.1% O-6.5% O 2.1%

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