Question: Given below are data on real GDP and potential GDP for the United States for the years 2000-2010, in billions of 2005 dollars. For each

Given below are data on real GDP and potential GDP for the United States for the years 2000-2010, in billions of 2005 dollars. For each year, calculate the output gap as a percentage of potential GDP and state whether the gap is a recessionary gap or an expansionary gap. Also calculate the year-to-year growth rates of real GDP. Identify the recessions that occurred during this period?

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