Consider the information in the following table for the first two years of the Great Depression (the values for real GDP and potential GDP are in 2012 dollars) Potential Real GDP $1.056.6 billion $1,148.9 billion Year 1929 1930 OA. potential GDP increased SOB. the price level decreased. OC. actual real GDP decreased. OD. the unemployment rate increased Actual Real GDP $1.109.4 billion $1,015.1 billion Sources: U.S. Bureau of Labor Statistics; and U.S. Bureau of Economic Analysis. a. The information in the table is different from what we would expect to have happened in a recession in the past 50 years because Price Level 9.4 91
Consider the information in the following table for the first two years of the Great Depression (the values for real GDP and potential GDP are in 2012 dollars) Potential Real GDP $1.056.6 billion $1,148.9 billion Year 1929 1930 OA. potential GDP increased SOB. the price level decreased. OC. actual real GDP decreased. OD. the unemployment rate increased Actual Real GDP $1.109.4 billion $1,015.1 billion Sources: U.S. Bureau of Labor Statistics; and U.S. Bureau of Economic Analysis. a. The information in the table is different from what we would expect to have happened in a recession in the past 50 years because Price Level 9.4 91
Essentials of Economics (MindTap Course List)
8th Edition
ISBN:9781337091992
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter15: Measuring A Nation's Income
Section: Chapter Questions
Problem 6CQQ
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