Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as follows: Year Growth Rate (%) 1 3 2 2 3 –2 4 4 5 5 a. What was the average of these growth rates in Econoland over these five years? Instructions: Enter your answer rounded to 1 decimal place. percent b. What term would economists use to describe what happened in year 3? (Click to select) c. If the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been Econoland's average growth rate over the five years? Instructions: Enter your answer rounded to one decimal place. percent
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Suppose that the annual rates of growth of real GDP in Econoland over a five-year period were as fol...
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