The Table Below Shows Data for India's Economy If Potential GDP in India Is ________ Million Rupees,India Is

question 329

Multiple Choice

The table below shows data for India's economy. Real GDP is measured in millions of rupees. $$\begin{array} { | c | c | c | c | } \hline & \text { Price level } & \begin{array} { c } \text { Real GDP } \\\text { supplied in the short } \\\text { run }\end{array} & \text { Real GDP demanded } \\\hline \text { a } & 114 & 23,501 & 35,898 \\\hline \text { b } & 120 & 25,355 & 32,341 \\\hline \text { c } & 125 & 27,670 & 27,670 \\\hline \text { d } & 131 & 30,366 & 18,569 \\\hline \text { e } & 138 & 33,164 & 15,898 \\\hline\end{array}$$
If potential GDP in India is ________ million rupees,India is experiencing ________.

• A) 26,500; an inflationary gap
• B) 28,500; an above full-employment gap
• C) 26,500; a recessionary gap
• D) 30,000; a potential GDP gap

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