Question: Use the figure to answer two questions. The horizontal axis is labeled real output in quantity in billions per year and it ranges from 0
Use the figure to answer two questions.
The horizontal axis is labeled real output in quantity in billions per year and it ranges from to in increments of The vertical axis is labeled price level in average price and it ranges from to in increments of The concavely upward increasing curve is labeled A S It starts from comma rises concavely upward through comma comma comma and ends at the point comma The first decreasing line is labeled A D sub It starts from comma intersects the curve at comma and ends at comma The second decreasing dashed line is labeled A D sub It starts from comma intersects the curve at comma passes through comma and ends at comma The third decreasing dashed line is labeled A D sub It starts from comma intersects the curve at comma passes through comma and ends at the point comma Vertical and horizontal dashed lines are drawn from all the intersection points and passing points to the respective axes.
Instructions: Enter your response as a whole number.
Suppose the economy is at fullemployment when AS AD
The GDP gap when the demand curve is at AD is $ billion.
Is the economy in a recession or expansion?
The economy is in Click to select an expansion a recession
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