The table gives the aggregate demand schedule, the short-run aggregate supply schedule, and the long-run aggregate supply schedule for an economy. What is the quantity of real GDP at the short-run macroeconomic equilibrium? The quantity of real GDP at the short-run macroeconomic equilibrium is $ billion. The economy has O A. a recessionary gap of $50 billion O B. an inflationary gap of $550 billion O C. an inflationary gap of $50 billion D. neither a recessionary gap nor an inflationary gap Price level (GDP deflator) 100 105 110 115 Real GDP Real GDP Real GDP supplied supplied demanded in short run in long run (billions of 2009 dollars) 700 600 500 400 400 500 600 700 500 500 500 500

The table gives the aggregate demand schedule, the short-run aggregate supply schedule, and the long-run aggregate supply schedule for an economy. What is the quantity of real GDP at the short-run macroeconomic equilibrium? The quantity of real GDP at the short-run macroeconomic equilibrium is $ billion. The economy has O A. a recessionary gap of $50 billion O B. an inflationary gap of $550 billion O C. an inflationary gap of $50 billion D. neither a recessionary gap nor an inflationary gap Price level (GDP deflator) 100 105 110 115 Real GDP Real GDP Real GDP supplied supplied demanded in short run in long run (billions of 2009 dollars) 700 600 500 400 400 500 600 700 500 500 500 500

Principles of Economics (MindTap Course List)

8th Edition

ISBN:9781305585126

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter33: Aggregate Demand And Aggregate Supply

Section: Chapter Questions

Problem 4CQQ

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