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Paramjeet Chawla
Paramjeet ChawlaLv8
28 Oct 2020
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Related questions

1. An inflationary expenditure gap is the amount by which

a. aggregate expenditures at the full-employment GDP exceed those required to achieve the full-employment GDP.

b. aggregate expenditures at the full-employment GDP equal those required to achieve the full-employment GDP.

c. aggregate expenditures at the full-employment GDP are divided by the multiplier equal to those required to achieve the full-employment GDP.

d. aggregate expenditures at the full-employment GDP fall short of those required to achieve the full-employment GDP.

 

2. A positive GDP gap is associated with

a. a recessionary expenditure gap.

b. an inflationary expenditure gap.

c. a consumption expenditure gap.

d. a production expenditure gap. 

 

3.  A negative GDP gap is associated with

a. an inflationary expenditure gap.

b. a consumption expenditure gap.

c. a production expenditure gap.

d. a recessionary expenditure gap.

 

Aggregate supply is best described as the

A. It is very flat at low levels of real GDP, increases slightly as real GDP grows, and becomes horizontal at full employment

B. It is very flat at low levels of real GDP increases slightly as real GDP grows, and becomes very steep as real GDP surpasses full employment

C. It is very steep at low levels of real GDP decreases slightly as real GDP grows, and becomes very flat as real GDP surpasses full employment

D. It is very steep at low levels of real GDP decreases slightly as real GDP grows, and becomes horizontal at full employment

The level of real GDP the economy produces at full employment is called:
A) sustainable GDP.
B) nominal GDP.
C) potential GDP.
D) maximum GDP.
E) Lucas GDP.
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