Asked by Amber
a. If the actual price level exceeds the expected price level reflected in
long-term contracts, real GDP equals ____________ and the actual
price level equals _____________ in the short run.
b. The situation described in part (a) results in a(n)
_________________ gap equal to ___________.
c. If the actual price level is lower than the expected price level
reflected in long-term contracts, real GDP equals _____________
and the actual price level equals _____________ in the short run.
d. The situation described in part (c ) results in a(n)
____________ gap equal to ___________.
long-term contracts, real GDP equals ____________ and the actual
price level equals _____________ in the short run.
b. The situation described in part (a) results in a(n)
_________________ gap equal to ___________.
c. If the actual price level is lower than the expected price level
reflected in long-term contracts, real GDP equals _____________
and the actual price level equals _____________ in the short run.
d. The situation described in part (c ) results in a(n)
____________ gap equal to ___________.
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