Chapter 5 Output and Production

Measures of output and production

Real Output Exhibits Both Growth and Cycles

Figure 5.1: Real Output Exhibits Both Growth and Cycles

Growth Rate of Real GDP

Figure 5.2: Growth Rate of Real GDP

Per Capita GDP Might be More Important

Figure 5.3: Per Capita GDP Might be More Important

Per Capita Also Exhibits Cycles

Figure 5.4: Per Capita Also Exhibits Cycles

Alternative Scenarios of GDP Path

Figure 5.5: Alternative Scenarios of GDP Path

Growth Rates of Real and Potential GDP

Figure 5.6: Growth Rates of Real and Potential GDP