1. The data have been taken from the US Bureau of Labor Statistics and Bureau of Economic Analysis, they represent the US macroeconomy during the first two years of the great depression:

Year	Actual GDP	Potential GDP	Price Level
1929	$977 billion	977.7 billion	10.6
1930	892.8 billion	1.011 trillion	10.2

1. In 1929, was the US economy in long run equilibrium, a short run inflationary equilibrium, or a short run recessionary equilibrium? If not in long run equilibrium, what was the size of the inflationary/recessionary gap? Explain.(5 pts)
2. Model 1929 with a static AD/AS model. Make sure you label your axies, incorporate the 1929 data points from the table, label AD, label SRAS, label LRAS, and any inflationary/recessionary gap. (5 pts)
3. In 1930, was the US economy in long run equilibrium, a short run inflationary equilibrium, or a short run recessionary equilibrium? If not in long run equilibrium, what was the size of the inflationary/recessionary gap? Explain. (5 pts)
4. Model 1930 with a static AD/AS model. Make sure you label your axies, incorporate the 1930 data points from the table, label AD, label SRAS, label LRAS, and any inflationary/recessionary gap. (5 pts)
5. What was the growth rate in actual GDP and in potential GDP? Show work. (5 pts)
6. What was the inflation rate? Show work. (5 pts)