In Macroland potential GDP equals 20 billion and real GDP equals 84 billion

# In macroland potential gdp equals 20 billion and real

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54.In Macroland potential GDP equals \$20 billion and real GDP equals \$8.4 billion. Macroland has a(n) _________ gap equal to _____ percent of potential GDP. A. expansionary; -8B. expansionary; 4C. recessionary; -4D.recessionary; 8 AACSB: Analytical Skills Blooms: Application Frank - Chapter 20 #54 Learning Objective: 20-03 Define potential output, measure the output gap, and use these concepts to analyze an economy’s position in the business cycle. Section: Output Gaps and Cyclical Unemployment

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55.In Macroland potential GDP equals \$500 billion and real GDP equals \$470 billion. Macroland has a(n) _________ gap equal to _____ percent of potential GDP. AACSB: Analytical Skills Blooms: Application Frank - Chapter 20 #55 Learning Objective: 20-03 Define potential output, measure the output gap, and use these concepts to analyze an economy’s position in the business cycle. Section: Output Gaps and Cyclical Unemployment
56.In Macroland potential GDP equals \$20 billion and real GDP equals \$21.4 billion. Macroland has a(n) _________ gap equal to _____ percent of potential GDP. AACSB: Analytical Skills Blooms: Application Frank - Chapter 20 #56 Learning Objective: 20-03 Define potential output, measure the output gap, and use these concepts to analyze an economy’s position in the business cycle. Section: Output Gaps and Cyclical Unemployment

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57.If the output gap equals -\$400 million, then AACSB: Analytical Skills Blooms: Application Frank - Chapter 20 #57 Learning Objective: 20- 03 Define potential output, measure the output gap, and use these concepts to analyze an economy’s position in the business cycle. Section: Output Gaps and Cyclical Unemployment
58.If the output gap equals \$500 million, then A. cyclical unemployment equals the sum of structural and frictional unemployment.B.there is an expansionary gap.C. there is no cyclical unemployment.D. potential GDP is less than actual GDP. AACSB: Analytical Skills Blooms: Application Frank - Chapter 20 #58 Learning Objective: 20- 03 Define potential output, measure the output gap, and use these concepts to analyze an economy’s position in the business cycle. Section: Output Gaps and Cyclical Unemployment

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