The deadweight loss equals the consumer surplus minus the producer surplus resulting from a non-equilibrium price

Probability is sometimes defined as

a. the expected profit of a fair bet. b. the most likely outcome of a given experiment. c. the outcome that will occur on average for a given experiment. d. the relative frequency with which an event will occur.

Which of the following is not true when there is an inflationary gap?

a. Real output exceeds the natural level of real output b. Employment exceeds full employment. c. Unemployment exceeds the natural rate of unemployment. d. All of the above are not true when there is an inflationary gap.