Business
Engineering
Math
Science
Social Science
Fill in the blank spaces (A–O) in the table that follows. In the table, Q = Real GDP and Q N = Natural Real GDP.
Macroeconomics
Solutions
Macroeconomics
Fill in the blank spaces (A–O) in the table that follows. In the table, Q = Real GDP and QN = Natural Real GDP.
Explain the relationship between recessionary gap, inflationary gap or long run equilibrium.
Explanation of Solution
Inflationary gap:
If the economy is in inflationary gap, then real GDP is more than the natural GDP. In this case, the actual unemployment rate is lower than the natural unemployment rate. There is shortage in the labor market and an economy is above the institutional PPF.
Recessionary gap:
If the economy is in the recessionary gap, then the level of output is less than the full employment level. In this case, the actual unemployment rate is more than the natural unemployment rate...
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