The difference between real GDP and potential GDP is known as the:
A) price gap.
B) unemployment gap.
C) output gap.
D) budget deficit.
Correct Answer:
Verified
Q73: Use the following to answer questions:
Q74: When the output gap is positive, the
Q75: The unemployment rate will fall if potential
Q76: When the actual unemployment rate is equal
Q77: When the output gap is _, reflecting
Q79: Use the following to answer questions:
Q80: If an economy has just had a
Q81: Each point on a Phillips curve is
Q82: Okun's law suggests that a _% increase
Q83: The short-run Phillips curve shows:
A) a direct
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