The U.S.economy in 2009 was characterized by an excess level of output.This corresponds to a recessionary gap.
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Q18: In a simplified circular flow model with
Q19: Equilibrium GDP occurs when total spending equals
Q20: When inventories accumulate, unemployment rises.
Q21: The equilibrium level of GDP is always
Q22: The full employment level of GDP is
Q24: A recessionary gap exists when the equilibrium
Q25: The aggregate demand curve is directly derived
Q26: When equilibrium GDP falls below potential GDP,
Q27: In a capitalist market economy, the decision
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