An Inflationary Gap Is the Amount by Which

Multiple Choice

An inflationary gap is the amount by which

A) total planned production exceeds total planned real expenditures in the long run.
B) the short-run equilibrium level of nominal GDP is above the short-run level of real GDP.
C) the short-run equilibrium level of nominal GDP is below the short-run level of real GDP.
D) the short-run equilibrium level of real GDP is above the full-employment level of real GDP.