-In the Above Figure, If the Economy Is in Equilibrium

question 347

Multiple Choice

-In the above figure, if the economy is in equilibrium at E₁, then

• A) the economy is producing below its potential long-run equilibrium at full employment.
• B) the economy is producing above its potential long-run equilibrium at full employment.
• C) there is an inflationary gap in the economy.
• D) the economy is in a period of high inflation.

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Definitions:

C Functions

Blocks of code in C programming that perform a specific task and can be called from other parts of a program.

Variables

Symbols in programming that are used to store data values that can be changed during program execution.

Function

A block of organized, reusable code designed to perform a single, related action.

Global Variables

Variables declared outside any function, accessible by any part of the program.