Question: Please refer to Table 8.3 to complete this exercise. The following numbers are the actual figures for real GDP between 1975 and 1980. Just to
Please refer to Table 8.3 to complete this exercise. The following numbers are the actual figures for real GDP between 1975 and 1980. Just to make the calculations easy, assume that these seven years represent an entire business cycle (the troughs actually occurred in the first quarter of 1975 and in the third quarter of 1980). Find the cycle base for GDP over these seven years and then calculate the cycle relative for each of the seven years.
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