Use the following data to answer the following questions: (a) What is equilibrium GDP? (b) If full
Question:
(a) What is equilibrium GDP?
(b) If full employment occurs at a real output level of $910, how large is the real GDP gap?
(c) If AD increases enough to restore full employment, what will the price level be?
Transcribed Image Text:
Price level Real GDP 10 30 680 40 50 800 70 90 960 100 20 60 80 $500 600 750 880 910 940 970 supplied Real GDP 720 680 840 880 800 640 $960 920 760 600 demanded
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Related Book For
The Macro Economy Today
ISBN: 978-1259291821
14th edition
Authors: Bradley R. Schiller, Karen Gebhardt
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