let us review what we know.
1. every year since 1963, the agency's projected what the GNP would be 5 years later. i.e. projections were made for the years 1968, 1969, 1970, ... etc.
2. this projection was a serious underestimate.
3. Every year since 1963, they estimated the GNP of the previous year. So, estimates were made for 1962, 1963, 1964, ..., 1968, 1969, 1970,... etc.
4. this estimate is very accurate.
What does this imply? That in 1969, when they made an estimate for 1968's GNP
...
1. every year since 1963, the agency's projected what the GNP would be 5 years later. i.e. projections were made for the years 1968, 1969, 1970, ... etc.
2. this projection was a serious underestimate.
3. Every year since 1963, they estimated the GNP of the previous year. So, estimates were made for 1962, 1963, 1964, ..., 1968, 1969, 1970,... etc.
4. this estimate is very accurate.
What does this imply? That in 1969, when they made an estimate for 1968's GNP
...
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