What would have been the average growth rate

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Reference no: EM13208866

Suppose that the annual rates of growth of real GDP of Econoland over a five-year period are as follows:

Year Growth Rate

1 4%

2 2%

3 -2%

4 4%

5 6%

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? Expansion OR Recession

If the growth rate in year 3 had been a positive 5 percent rather than a negative 2 percent, what would have been the average growth rate?

Reference no: EM13208866

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