Answer questions a through F on the basis of the following graph: a. 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 ___________
Answer questions a through F on the basis of the following graph: a. 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 ___________
Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp
Section: Chapter Questions
Problem 1WNG
Related questions
Question
Answer questions a through F 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 ___________
![Potential
output
SRAS
130
120
110
17.7
18.0
18.2
Real GDP (trillions)
Price level](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1df18934-0067-4447-9847-3244e797aae9%2Fc7d3e69b-7817-4b51-a77e-061f3aa1c61c%2Fyzemcc9_processed.png&w=3840&q=75)
Transcribed Image Text:Potential
output
SRAS
130
120
110
17.7
18.0
18.2
Real GDP (trillions)
Price level
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