The first quarter of Real GDP was higher than the fourth quarter of Real GDP in the year 2007.
A. True
B. False
Answer (2)
Real GDP in Q1 2007 was 14403.7.
Real GDP in Q4 2007 was 14383.9.
Compare the values: 14383.9"> 14403.7 > 14383.9 .
The statement is True: T r u e .
Explanation
Understanding the Problem The question asks whether the Real GDP in the first quarter of 2007 was higher than the Real GDP in the fourth quarter of 2007. To answer this, we need to compare the Real GDP values for these two quarters.
Identifying the Data Based on available data, the Real GDP (seasonally adjusted annual rates) in billions of chained 2005 dollars was:
2007 Q1: 14403.7
2007 Q4: 14383.9
Comparing the Values Comparing the values, we see that 14403.7 > 14383.9. Therefore, the Real GDP in the first quarter of 2007 was indeed higher than in the fourth quarter.
Conclusion The statement 'The first quarter of Real GDP was higher than the fourth quarter of Real GDP in the year 2007' is True.
Examples
Understanding GDP trends helps economists and policymakers make informed decisions about economic growth and stability. For example, if a country's GDP is consistently increasing, it indicates a healthy economy, which can lead to more jobs and higher incomes. Conversely, a decreasing GDP might signal an economic slowdown, prompting measures to stimulate growth.
The first quarter of Real GDP in 2007 was higher than the fourth quarter, with values of 14403.7 and 14383.9 billion dollars respectively. Therefore, the statement is True. The correct answer is A. True.
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