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What value is represented by the bit pattern 01011100 when interpreted using floating-point format in which the most significant bit is the sign bit,the next three bits represent the exponent field in excess notation,and the last four bits represent the mantissa?
Equilibrium GDP
The level of GDP (Gross Domestic Product) at which total demand (aggregate demand) and total supply (aggregate supply) in the economy are equal, leading to an economic equilibrium.
Full Employment GDP
The output level of goods and services at which the economy's labor force is fully employed, indicating an optimal level of production without excessive inflation.
Inflationary Gap
A situation where the total demand in an economy exceeds the total supply, leading to an increase in the general price level or inflation.
Depression
A prolonged period of significant economic downturn characterized by a substantial decline in output and employment, usually more severe than a recession.
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