In Beyonceland, Real GDP Fell Continuously from $200 Billion in 2015

question 226

Multiple Choice

In Beyonceland, real GDP fell continuously from $200 billion in 2015 to $160 billion in 2016. Potential GDP remained constant at $180 billion. Between 2015 and 2016, Beyonceland

• A) went from a peak to a trough.
• B) had a contraction but not a recession.
• C) went from a deflationary gap to an inflationary gap.
• D) went from a negative output gap to a positive output gap.
• E) had a growth rate of -20 percent.

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Definitions:

Examples

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Normally Distributed

A distribution that is symmetric about the mean, showing that data near the mean are more frequent in occurrence than data far from the mean.

Standard Deviation

A measure of the dispersion or spread of a set of numbers, indicating how much the individual numbers differ from the mean of the set.

Mean

The average of a set of numbers, calculated by dividing the sum of the values by the count of numbers.