Suppose that a country's annual growth rates over a 10-year period were as follows:
Year
1
2
3
4
5
6
7
8
9
10
Growth Rate
5%
3
percent
4
-1
-2
2
3
4
6
3
Instructions: In part a, round your answer to 1 decimal place. In parts b-c, enter your answers as a whole number.
a. What was the country's trend rate of growth over this period?
b. Which set of years most clearly demonstrates an expansionary phase of the business cycle?
Years
through
c. Which set of years best illustrates a recessionary phase of the business cycle?
Years
through