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15 points. 3 pts. each. 1. Using the data attached to this assignment, pick one business cycle {trough to trough} and indicate each of the following: the date {year and quarter} when Phase I: Economic Recovery began. the date when Phase II: Economic Boom began. the date when Phase III: Economic Downturn began. the date when Phase IV: Economic Recession began the date the economy bottomed out {the trough) at the end of Phase IV. sense 5 points. 2.5 points each. 2. Use the data in Canvas for Assignment #5 Problem #2. a. Calculate the average annual growth rate of real GDP from 195D through 19TH using the data in column (3. b. Using the same data and column c calculate the average annual growth rate of real GDP from 1980 through 2009. Note: This data is one reason why supply side economists are very concerned about the US. economy. DATA FOR PROBLEM #1 real gdp real gap YEAR QUARTER growth UR YEAR QUARTER growth UR 1968 8.4 3.7 1975 3 6.8 8.5 1968 6.9 3.6 1975 5.5 8.3 1968 2.9 3.5 1976 9.3 7.7 1968 1.8 3.4 1976 3.1 7.6 1969 6.8 3.4 1976 2.1 7.7 1969 1.3 3.4 1976 3.0 7.8 1969 2.5 3.6 1977 4.7 7.5 1969 .1.7 3.6 1977 8.1 7.1 1970 -0.7 4.2 1977 7.3 6.9 1970 0.7 4.8 1977 0.0 6.7 1970 3.6 5.2 1978 1.4 6.3 INP 1970 -4.0 5.8 1978 16.5 6.0 1971 11.1 5.9 1978 4.0 6.0 1971 2.3 5.9 1978 5.5 5.9 1971 3.2 6.0 1979 0.8 5.9 1971 1.2 5.9 1979 0.5 5.7 1972 7.4 5.8 1979 2.9 5.9 1972 9.6 5.7 1979 4 1.0 6.0 1972 3.7 5.6 1980 1.3 6.3 1972 6.8 5.4 1980 -7.9 7.3 1973 10.2 4.9 1980 -0.6 7.7 1973 4.6 4.9 1980 7.6 7.4 1973 -2.2 4,8 1981 8.5 7.4 1973 3.8 4.8 1981 IN -2.9 7.4 1974 -3.3 5.1 1981 4.7 7.4 1974 W N P 1.1 5.2 1981 -4.6 8.2 1974 -3.8 5.6 1982 -6.5 8.8 1974 -1.6 6.6 1982 2.2 9.4 1975 N PD -4.8 8.3 1982 3 -1.4 9.9 1975 3.1 8.9 1982 4 0.4 10.7 Notes: UR = Average unemployment rate during the quarter. Average real gdp growth rate for this period = 2.7%. Average UR for this period = 6.2%. {Hint: Think of the real GDP trend line as the point where the economy is experiencing roughly 6.2% unemployment for this period.}