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- Which of the following are true of an economy operating with a negative GDP gap? Check all that apply. a)A worker with a college degree is more likely to be unemployed than a worker without one. b)The suicide rate, crime, and political unrest may be higher than in an economy with a similar potential GDP and a lower unemployment rate. c)Actual real GDP is less than potential real GDP. d)A teenage worker is more likely to be unemployed than an older worker.When an economy is operating in a negative output gap (Recessionary Gap) which of the following must be true? a. Unemployment is less than full employment b. Employment is greater than full employment c. Employment is equal to Natural rate of unemployment d. Unemployment is greather than the Natural rate of Unemployment.Inflationary GDP is the amount by which equilibrium real GDP falls short of the full employment level of GDP. True or False
- When an economy is operating in a positive output gap (Inflationary Gap) which of the following must be true? a. Unemployment is less than full employment b. Employment is less than full employment c. Employment is equal to full employment d. Unemployment is greater than the Natural rate of UnemploymentTo what does the “GDP gap” refer? Group of answer choices The difference between real GDP in the prior trough and real GDP in a current trough of the business cycle. The difference between this year’s real GDP and last year’s GDP. The difference between real and nominal GDP. The difference between “full-employment” real GDP and actual real GDP.Given the following closed economy model: C = .8Yd + 800I = 1000 G = 6000 T = .25Y + 100 Yf = 21,000 The size of the fixed tax cut (ΔT0ΔT0) needed to restore a full-employment level of GDP is: Use an integer value and no dollar sign.
- If Full employment GDP is greater than equilibrium GDP, the economy is facingMatch the term to the definition Occurs when equilibrium GDP is greater than full employment GDP Occurs when equilibrium is less than full employment GDP A. Recessionary GAP B. Inflationary GapIf output equals 50,000 and full employment real GDP equals 45,000, then this economy has a(n) Multiple Choice employment gap. demand gap. recessionary gap. inflationary gap.
- If Full employment GDP is greater than equilibrium GDP, the economy is facing A) Recession B) Inflation C) Stagflation D) None of the Abovewhat is the difference between permanent income and transitory income increases related to the keynesian crossWhen real GDP declines during a recession, what typically happens to consumption, investment, and the unemployment rate? (Macroeconomic field of question)
