Problem 12-03 (algo, with video solution)Given below are data on real GDP and potential GDP for the nation of Anaziland for the years 2009-2013, in billions of 2009 currency.For each year, calculate the output gap as a percentage of potential GDP and state whether the gap is a recessionary gap or anexpansionary gap. Also calculate the year-to-year growth rates of real GDP.Instructions: Enter your response as a percentage rounded two decimal places.If you are entering any negative numbers be sure toinclude a negative sign (-) in front of those numbers.cesYear2009Real GDPPotential GDPOutput gapType of gapGrowth rate ofreal GDP13,25013,660%(Click to select) ✓201013,99013,300%(Click to select)201114,45013,400%(Click to select)%201213,88014,060%(Click to select)8201314,08014,500%(Click to select)8Recessionary gap is identified duringO 2009; 2012-2013O 2009-2010; 2013O 2010-2011O 2011-2012

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ENGR.ECONOMIC ANALYSIS

14th Edition

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Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

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