If the actual price level exceeds the expected price level reflected in long term contracts, real GDP equals ____________ and the actual price level equals _________ in the short run. b. The situation described in part a result in a _________ gap equals to ____________. c. If the actual price level is lower than the expected price level reflected in long term contracts, real GDP equals __________ and the actual price level equals ________ in the short run. d. The situation described in part C result in a ________ gap equal to ___________
Fill in the blanks.
Answer questions a through d on the basis of the following graph:
a. If the actual
b. The situation described in part a result in a _________ gap equals to ____________.
c. If the actual price level is lower than the expected price level reflected in long term contracts, real GDP equals __________ and the actual price level equals ________ in the short run.
d. The situation described in part C result in a ________ gap equal to ___________
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EXPANSIONARY AND RECESSIONARY GAPS Ans wer the following questions on the basis of the following graph:
If the actual
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