-The Table Above Shows Japan's Real GDP Between 1991 to 2001

question 48

Essay

-The table above shows Japan's real GDP between 1991 to 2001.
a) Draw a figure with Japan's real GDP from 1991 to 2001.
b) In the previous 30 years, the growth rate of Japan's potential GDP was 6 percent a year. On your graph, show the path that potential GDP would have followed if its GDP in 1991 was equal to potential GDP and the growth rate of potential GDP had been maintained in 1991-2001.
c) Show the Lucas wedge on your figure.

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