In Macroeconomics,what Is the Output Gap

question 57

Multiple Choice

In macroeconomics,what is the output gap?

• A)the measure of output that could have been produced if the economy were fully employed
• B)the dead-weight loss of inflation
• C)the difference between nominal and real output
• D)the percentage change in real GDP
• E)the difference between Y and Y^*

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Definitions:

Population Standard Deviation

Square root of the population variance that represents the average deviation of a score from the population mean.

Confidence Interval

Re-formulated: An estimate expressing the degree of uncertainty or certainty in a sampling method.

Mean

The average of a set of numbers, calculated by dividing the sum of these numbers by the count of numbers.

Confidence Interval

A selection of values from sample-related statistics, presumed to hold the value of an undetermined population characteristic.