The following equations describe an economy C = 750 + 0.75Yd | = 350 G = 700 X = 450 IM = 0.1Y T = 0.2Y If potential output Y* is equal to 4,000. Describe the economy's output gap a) it does not have an output gap. b) it has a potential output gap. c) it has a recessionary output gap. d) it has an inflationary output gap.

The following equations describe an economy C = 750 + 0.75Yd | = 350 G = 700 X = 450 IM = 0.1Y T = 0.2Y If potential output Y* is equal to 4,000. Describe the economy's output gap a) it does not have an output gap. b) it has a potential output gap. c) it has a recessionary output gap. d) it has an inflationary output gap.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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