Price level (GDP price index, 2012-100) Pocential AS 130 GDP 120 110 100 90 AD 19.0 19.5 20.0 20.5 21.0 21.5 Real GDP (trilons of 2012 dollars) In the figure above, the economy is at an equilibrium with real GDP of $20 trillion and a price level of 110. At this point there is a. price stability. Ob. a recessionary gap. O C. an inflationary gap. O d. an above full-employment equilibrium. O e. a full-employment equilibrium.

Price level (GDP price index, 2012-100) Pocential AS 130 GDP 120 110 100 90 AD 19.0 19.5 20.0 20.5 21.0 21.5 Real GDP (trilons of 2012 dollars) In the figure above, the economy is at an equilibrium with real GDP of $20 trillion and a price level of 110. At this point there is a. price stability. Ob. a recessionary gap. O C. an inflationary gap. O d. an above full-employment equilibrium. O e. a full-employment equilibrium.

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter19: Measuring Economic Performance

Section: Chapter Questions

Problem 4P

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