Multiple Choice
If real GDP exceeds potential GDP,
A) there can be a short- run equilibrium with a recessionary gap.
B) there is neither a long- run nor a short- run equilibrium.
C) there is a long- run and a short- run equilibrium.
D) there can be a short- run equilibrium with an inflationary gap.
Correct Answer:
Verified
Correct Answer:
Verified
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