Use the following to answer questions :
Figure: Output Gap 
-(Figure: Output Gap) Look at the figure Output Gap. If the economy is producing at Y1, then it has a(n) _____ gap, as _____ real GDP exceeds _____ real GDP, and the Federal Reserve should use _____ monetary policy.
Definitions:
Controlling
A phase in the management process that consists of monitoring the operating results of implemented plans and comparing the actual results with the expected results.
Choosing Goals
The process of identifying desired outcomes or objectives to guide decision-making and actions.
Managerial Accounting
The practice of analyzing, interpreting, and providing information to management for planning, decision making, and operational control.
Past Data
Historical information and statistics that are analyzed for trends, forecasting, or decision making in various contexts.
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