The Following Table Shows Real GDP and Potential Real GDP

question 38

Multiple Choice

The following table shows real GDP and potential real GDP for the years 2000-2012. Refer to this table when answering
Table 10.1 ($ billions)
(Source: Federal Reserve Economic Data, St. Louis Federal Reserve)
$$\begin{array} { c c c } \hline & \begin{array} { c } \text { Potential } \\\text { GDP }\end{array} & \text { Real GDP } \\\hline 2000 & 10,909.7 & 11,216.4 \\2001 & 11,304.5 & 11,337.5 \\2002 & 11,674.3 & 11,543.1 \\2003 & 12,003.6 & 11,836.4 \\2004 & 12,290.0 & 12,246.9 \\2005 & 12,569.2 & 12,623.0 \\2006 & 12,864.6 & 12,958.5 \\2007 & 13,177.7 & 13,206.4 \\2008 & 13,485.0 & 13,161.9 \\2009 & 13,745.4 & 12,758.0 \\2010 & 13,950.3 & 13,063.0 \\2011 & 14,166.6 & 13,299.1 \\2012 & 14,411.0 & 13,593.2 \\\hline\end{array}$$
-According to the data in Table 10.1, during which year was the economy in an expansion?

• A) 2001
• B) 2004
• C) 2002
• D) 2003
• E) 2011

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