ECON2

The Economic CycleAnswer all the questions below

1. Define the term Economic Growth2. Define the term Gross Domestic Product3. What was the growth rate for the last quarter in the UK

Economy?4. What is the difference between trend growth and actual growth?

Use a diagram to support your answer5. Explain with reference to your diagram what a negative output

gap is6. Explain with reference to your diagram what a positive output

gap is7. On a graph label the following and explain what is meant by each

a. Boomb. Bustc. Recoveryd. Recession

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