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Problem Set 6 Nmnc.' Classical and Keynesian Theory 61 Refer to the diagram below which depicts Classical Economic Theory. (2 pts. ea.) a) What is the GDP in this economy? b) What is Natural Real GDP? c) Does this economy have a recessionary gap or inationary gap or is the economy in longrun equilibrium? d) If the economy has a gap, what is it? (Give dollar amount.) e) Given this economy, what do classical economists predict will happen to wages? t) In turn : What will happen to SRAS curve? What will happen to the price level? What will happen to the LRAS curve? g) In the long run Real GDP will be What amount? SRAS Price _____________ LRAS Level $9.5 Trillion $11 Trillion $12.5 Trillion $14 Trillion h) Real GDP In the long run changes in the price level have what effect on GDP? i) In the long run shifts in the AD curve have what effect on GDP