If the Short-Run Macroeconomic Equilibrium Occurs with Real GDP Less

question 23

Multiple Choice

If the short-run macroeconomic equilibrium occurs with real GDP less than Y*,the economy is

• A)at its full-employment level of output.
• B)experiencing a recessionary gap.
• C)experiencing an inflationary gap.
• D)threatened with an acceleration of inflation.
• E)operating at full capacity.

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