Assume an Economy Is Currently in Equilibrium with Real GDP

question 157

Multiple Choice

Assume an economy is currently in equilibrium with Real GDP at $1,627 billion.If potential Real GDP (LAS) is $1,800 billion,which of the following is true?

• A)There is a recessionary gap of 173 percent.
• B)There is an inflationary gap of 173 percent.
• C)There is a recessionary gap of $173 billion.
• D)There is an inflationary gap of $173 billion.

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