If Real GDP Is Less Than Potential GDP, the Economy

question 131

Multiple Choice

If real GDP is less than potential GDP, the economy is

• A) not in macroeconomic equilibrium.
• B) at full employment.
• C) in an above-full-employment equilibrium.
• D) in a below-full-employment equilibrium.

Calculate probabilities using the normal approximation to binomial distribution.

Determine when to apply continuity correction in normal approximation.

Understand the concept of continuous probability distribution and that its total area under the curve equals one.

Use normal distribution concepts to approximate binomial distributions in real-world scenarios.

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