Suppose that the annual rates of growth of real gdp of econoland over a five-year period were sequentially as follows: 3 percent, 1 percent,?2 percent, 4 percent, and 5 percent. what was the average of these growth rates in econoland over these 5 years? what term would economists use to describe what happened in year 3? if the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been the average growth rate? mcconnell (2014-01-09). macroeconomics (page 149). mcgraw-hill education. kindle edition.

Question

Mathematics

Jairo Jacobson

31 March, 17:28

Suppose that the annual rates of growth of real gdp of econoland over a five-year period were sequentially as follows: 3 percent, 1 percent,?2 percent, 4 percent, and 5 percent. what was the average of these growth rates in econoland over these 5 years? what term would economists use to describe what happened in year 3? if the growth rate in year 3 had been a positive 2 percent rather than a negative 2 percent, what would have been the average growth rate? mcconnell (2014-01-09). macroeconomics (page 149). mcgraw-hill education. kindle edition.

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Clare Summers · Answer 1

The average growth rate would be (3+1-2+4+5) / 5 = 2.2%

The decrease from 1% to - 2% would be what they call, economic recession, when the economy of a country, for example, decreases probably due to calamities.

If it would have been + 2%, then the average growth rate would be:

(3+1+2+4+5) / 5 = 3%