A Recessionary Gap Is Commonly Referred to as

Multiple Choice

A recessionary gap is commonly referred to as

A) the difference between the equilibrium level of real GDP and how much the economy could be producing if it were operating at the short run equilibrium on its long-run aggregate supply curve.
B) the difference between the equilibrium level of real GDP and how much the economy could be producing if it were operating at full employment on its long-run aggregate supply curve.
C) the difference between actual and expected inflation.