Multiple Choice
Which of the following correctly describes the meaning of the expression Y > Y*?
A) actual output is more than potential output - a recessionary gap
B) potential output is more than actual output - a recessionary gap
C) actual output is more than potential output - an inflationary gap
D) potential output is more than actual output - an inflationary gap
Correct Answer:
Verified
Correct Answer:
Verified
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