Use the following diagrams to answer this question 0 P₁ 0 LRAS, E₂ Y, Y₂ Panel (a) LRAS, Y, Y₂ Panel (c) SRA S, AD₂ AD, Y SRA S, AD, SRA S₂ P₁ 0 P₁ 0 LRAS, SRAS, * AD, AD₂ Y, Y, Panel (b) LRAS, SRAS, Y, Y, Panel (d) SRAS, AD, In panel (d), Which one of the following statements is (are) correct? O A. At E1, the economy is in short-run macroeconomic equilibrium, and GDP gap # 0. OB. At E2, the economy is in long-run macroeconomic equilibrium, and GDP gap > 0. OC. At E2, the economy is in short-run macroeconomic equilibrium, and GDP gap < 0. O D. Both A) and B) are correct.

Use the following diagrams to answer this question 0 P₁ 0 LRAS, E₂ Y, Y₂ Panel (a) LRAS, Y, Y₂ Panel (c) SRA S, AD₂ AD, Y SRA S, AD, SRA S₂ P₁ 0 P₁ 0 LRAS, SRAS, * AD, AD₂ Y, Y, Panel (b) LRAS, SRAS, Y, Y, Panel (d) SRAS, AD, In panel (d), Which one of the following statements is (are) correct? O A. At E1, the economy is in short-run macroeconomic equilibrium, and GDP gap # 0. OB. At E2, the economy is in long-run macroeconomic equilibrium, and GDP gap > 0. OC. At E2, the economy is in short-run macroeconomic equilibrium, and GDP gap < 0. O D. Both A) and B) are correct.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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