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Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383

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BuyFindarrow_forward

Economics (MindTap Course List)

13th Edition
Roger A. Arnold
ISBN: 9781337617383
Textbook Problem

What does it mean to say that the economy is in a recessionary gap? In an inflationary gap? In long-run equilibrium?

To determine

Explain the recessionary gap, inflationary gap, and the long run equilibrium.

Explanation

Recessionary gap refers to the situation where the level of output is less than the full employment level. Here, the real GDP is less than the natural GDP (Real GDP < Natural GDP).

Inflationary gap refers to the situation where the real GDP exceeds than the full employment level GDP...

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