An Inflationary Output Gap Exists When the Current Level of Output

question 46

Multiple Choice

An inflationary output gap exists when the current level of output is _______ full employment GDP.

• A) below
• B) above
• C) equal to
• D) decreasing rapidly relative to

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Definitions:

Distributional Justice

The ethical concept concerning the fair allocation of resources among diverse members of a community.

Utilitarian Justice

principle focusing on creating the greatest good for the greatest number, often used in ethical decision-making and policy evaluation.

Distributional Justice

The ethical consideration of how economic benefits and burdens should be distributed among different members of society.

Rawlsian Justice

A theory of justice that emphasizes fairness in the distribution of goods and opportunities, based on the work of philosopher John Rawls.