The table below shows data for five economies of similar size. Real GDP is measured in billions of dollars. Assume that potential output for each economy is $340 billion. 
TABLE 24-1
-Suppose that the economy is initially in a long-run macroeconomic equilibrium. A shock then hits the economy and we observe that the unemployment rate increases and the price level decreases. We can conclude that
Has decreased and there is now an) gap.
Definitions:
Property Tax Rates
The percentage of a property's assessed value that is charged as tax by local governments to fund public expenses.
Break-even Point
The sales level at which total revenues equate to total costs, resulting in no profit or loss, indicating the minimum sales necessary to cover all expenses.
Fixed Costs
Expenses that do not change with the level of production or sales activity, such as rent, salaries, and insurance premiums.
Unit Contribution Margin
The difference between the selling price per unit and the variable cost per unit, indicating how much each unit sold contributes to fixed costs and profits.
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