Which of the following is correct?
a. IM + X = G ? T
b. I + G + T = S + X ? M
c. I + G + X = S + T + IM
d. I + T + G = S ? X ? IM
c
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The structural unemployment rate is 2.3 percent, the frictional unemployment rate is 2.4 percent, and the economy's current unemployment rate is 4.1 percent. The economy is in
A) a recessionary gap producing less than Natural Real GDP. B) an inflationary gap producing more than Natural Real GDP. C) long-run equilibrium. D) an inflationary gap producing Natural Real GDP. E) a recessionary gap producing more than Natural Real GDP.
One of the distinguishing differences between periods of low inflation and periods of high inflation is that
A. low inflation periods are short lived. B. high inflation periods are short lived. C. high inflation periods are long lived. D. low inflation leads to high inflation.