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Macroeconomics 12th Edition by Rudiger Dornbusch, Stanley Fischer ,Richard Startz
Edition 12ISBN: 978-1259070969Macroeconomics 12th Edition by Rudiger Dornbusch, Stanley Fischer ,Richard Startz
Edition 12ISBN: 978-1259070969 Exercise 3
Suppose that actual output is $120 billion and potential (full-employment) output is $156 billion. What is an output gap in this hypothetical economy Based on your estimate of the output gap, would you expect the unemployment level to be higher or lower than usual
Explanation
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Potential output is the maximum level of
Macroeconomics 12th Edition by Rudiger Dornbusch, Stanley Fischer ,Richard Startz
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