At long-run macroeconomic equilibrium, ________
A) an inflationary gap exists
B) real GDP equals potential GDP
C) a recessionary gap exists
D) real GDP is less than potential GDP but is as close as it is possible to be
B
Economics
You might also like to view...
Refer to Table 11.1. What is the equilibrium level of output, y*?
A) 1,775 B) 2,375 C) 7,100 D) 9,500
Economics
Which statement is true?
A. Fixed costs and variable costs vary with output. B. Neither fixed costs nor variable costs vary with output. C. Only fixed cost varies with output. D. Only variable cost varies with output.
Economics