Exhibit 10.1 -Refer to Exhibit 10.1, Which Shows the Short-Run Aggregate Supply

question 163

Multiple Choice

Exhibit 10.1

-Refer to Exhibit 10.1, which shows the short-run aggregate supply curve of an economy. In this Exhibit, if P₁ is the price level prevailing in the economy, it implies that _____

• A) there is an expansionary gap.
• B) the price level will decrease.
• C) the actual unemployment rate is equal to the natural unemployment rate.
• D) the actual unemployment rate is below the natural unemployment rate.
• E) the actual rate of output is more than the potential output.

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