After not playing baseball for 3 years in college because of having a total hip replacement, and then coming back to play professionally once I graduated, and get the opportunity to play on a team like the @wcthunderbolts we had in 2007 and 2008...it was like a dream come true. This was a night I will never forget.
During this period, the average expansion was approximately 58 months, and the average contraction was approximately 11 months. Expansion is the default mode of the U.S. economy, and the average expansion time period has continued to average longer over time.
Well, let's calculate the growth rate of nominal GDP. When you do the numbers, it works out like this: ($16,820 / $16,000) - 1, which equals 5.1%. That means from year 1 to year 2, nominal GDP in this economy of two goods has increased by 5.1%.ell, let's calculate the growth rate of nominal GDP. When you do the numbers, it works out like this: ($16,820 / $16,000) - 1, which equals 5.1%. That means from year 1 to year 2, nominal GDP in this economy of two goods has increased by 5.1%.