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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

What is an inflationary gap? A recessionary gap?

To determine

The definitions of inflationary gap and recessionary gap are to be stated.

Explanation

Inflationary gap is type of output gap. The difference between real GDP at equilibrium and the potential full employment real GDP is known as inflationary gap. It is related to business cycle expansion and arises when the equilibrium level of an economy’s aggregate output is greater than the output that could be produced at full employment...

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