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AVprozaik [17]
3 years ago
13

Consider the following data that identifies real gross domestic product (GDP) in comparison to the long-run trend of real GDP to

answer the following questions:
Quarter Real GDP Long-Run Trend of Real GDP
(billions of dollars) (billions of dollars)
1 4,000 4,000
2 4,160 4,120
3 4,326 4,244
4 4,413 4,371
5 4,501 4,502
6 4,591 4,637
7 4,499 4,776
8 4,409 4,919
9 4,673 5,067
10 4,954 5,219
11 5,252 5,376
12 5,376 5,537

In what quarter did this economy enter a recession?
Business
1 answer:
Helga [31]3 years ago
8 0

Answer:

Between quarter 7 and 8

Explanation:

To calculate the recession lets consider the quarter 7 and 8.

GDP in quarter 7 =$4499 Billion

GDP in quarter 8 =$4409 Billion

Growth rate of GDP in these two quarters= 4409-4499/4499*100

= -2 percent

Recession happens when the GDP decreases

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