In Macroeconomics,the "Output Gap" Is the Difference Between

question 104

Multiple Choice

In macroeconomics,the "output gap" is the difference between

• A)output in the current year and output in the base year.
• B)output and employment.
• C)potential real national income and actual real national income.
• D)real GNP and real GDP.
• E)real and nominal national income.

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Definitions:

Mean

The average value of a set of numbers, calculated by adding all the numbers and dividing by the count of numbers.

Exponentially Distributed

A statistical distribution used to model the time between events in a Poisson process, describing the time until some specific event occurs.

Probability

The assessment of the probability of an event happening.

Poisson Model

A statistical model used to predict the count of events that happen independently and with a known constant mean rate.