An Inflationary Gap Is the Amount by Which

question 47

Multiple Choice

An inflationary gap is the amount by which

• A) total planned production exceeds total planned real expenditures in the long run.
• B) the short-run equilibrium level of nominal GDP is above the short-run level of real GDP.
• C) the short-run equilibrium level of nominal GDP is below the short-run level of real GDP.
• D) the short-run equilibrium level of real GDP is above the full-employment level of real GDP.

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The act of representing objects, actions, or ideas with symbols.

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A logical rule used in proof theory that allows one to deduce a particular instance from a universally quantified statement.

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A form of reasoning that infers a general rule from specific examples.