The information below describes the real GDP per capita for the country of Utopia for the period of 1975 to 1991.
1.
- If a new business cycle began in 1975, how long was this cycle?
- The peak occurred in which year? The trough occurred in which year?
- How long was the expansion? How long was the contraction?
- Calculate change in Real GDP per Capita (Complete the table below)
|
Year
|
Real GDP per Capita
|
Change in Real GDP per Capita
|
|
1975
|
6,000
|
|
|
1976
|
6,300
|
|
|
1977
|
6,700
|
|
|
1978
|
7,200
|
|
|
1979
|
7,850
|
|
|
1980
|
8,250
|
|
|
1981
|
8,450
|
|
|
1982
|
8,550
|
|
|
1983
|
8,575
|
|
|
1984
|
8,510
|
|
|
1985
|
8,370
|
|
|
1986
|
8,100
|
|
|
1987
|
7,950
|
|
|
1988
|
7,925
|
|
|
1989
|
7,960
|
|
|
1990
|
8,035
|
|
|
1991
|
8,155
|
|