Name: Class Date McE Ma Ex2 Ch6-10 4c Exhibit 11-3 Price level Potential output SRAS AD Real GOP Y1 Y2 12. In Exhibit 1 1-3, the distance between Y, and Y2 is called a, an expansionary gap b, an increase in potential output c. the natural rate of unemployment d. a contractionary gap e. a decrease in potential output Exhibit 11-2 Price level Potential output SRAS P3- P2 - Real GDP Y2 VI Y3 13. If the actual price level in Exhibit 1 1-2 is lower than the expected price level, then a. equilibrium output might be Y2 in the short run b. equilibrium output might be Y , in the short run C. equilibrium output might be Yy in the short run d. unemployment is below the natural rate e. potential output is less than actual output