Macroeconomics
Consider the macroeconomic data provided below. Describe the state of the macroeconomy in terms of the business cycle for the period from 2003 to 2005. Note that GDP is stated in nominal terms, not in real terms. [Sources: bls.gov and bea.gov.]
Year GDP GDP UNEMP INFLATION
(trillions) growth rate rate
rate (change in CPI-U)
2002 $ 10.47 +1.6% 5.7% 1.60%
2003 $ 10.97 ? 6.0% 2.28%
2004 $ 11.73 ? 5.5% 2.66%
2005 $ 12.49 ? 5.1% 3.38%
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