On the following graph, the black line shows potential real GDP and the blue line shows actual real GDP for a hypothetical country from 1990 to 2010.Use the green quadrilateral (triangle symbols) to shade the area between actual and potential real GDP that represents the positive GDP gap. Thenuse the purple quadrilateral (diamond symbols) to shade the area between actual and potential real GDP that represents the negative GDP gap.GDP (Billions of 2000 dollars)1098510Actual Real GDP1900Potential Real GDP10041008YEAR200220052010Positive GDP GapNegative GDP Gap.Which of the following are true of an economy operating below full employment? Check all that apply.The economy is in the peak phase of the business cycle.Actual real GDP is less than potential real GDP.A worker with a college degree is more likely to be unemployed than a worker without one.A teenage worker is more likely to be unemployed than an older worker.

GDP or gross domestic product is the sum of the value of all end commodities produced within the…

On the following graph, the black line shows potential real GDP and the blue line shows actual real GDP for a hypothetical country from 1990 to 2010. Use the green quadrilateral (triangle symbols) to shade the area between actual and potential real GDP that represents the positive GDP gap. Then use the purple quadrilateral (diamond symbols) to shade the area between actual and potential real GDP that represents the negative GDP gap. 10 Actual Real GDP Z Potential Real GDP GDP (Billions of 2000 dollars) 9 8 0 1000 1004 1008 YEAR 2002 2006 2010 Positive GDP Gap Negative GDP Gap Which of the following are true of an economy operating below full employment? Check all that apply. The economy is in the peak phase of the business cycle. Actual real GDP is less than potential real GDP. A worker with a college degree is more likely to be unemployed than a worker without one. A teenage worker is more likely to be unemployed than an older worker.

On the following graph, the black line shows potential real GDP and the blue line shows actual real GDP for a hypothetical country from 1990 to 2010. Use the green quadrilateral (triangle symbols) to shade the area between actual and potential real GDP that represents the positive GDP gap. Then use the purple quadrilateral (diamond symbols) to shade the area between actual and potential real GDP that represents the negative GDP gap. 10 Actual Real GDP Z Potential Real GDP GDP (Billions of 2000 dollars) 9 8 0 1000 1004 1008 YEAR 2002 2006 2010 Positive GDP Gap Negative GDP Gap Which of the following are true of an economy operating below full employment? Check all that apply. The economy is in the peak phase of the business cycle. Actual real GDP is less than potential real GDP. A worker with a college degree is more likely to be unemployed than a worker without one. A teenage worker is more likely to be unemployed than an older worker.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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