ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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What type of output gap occurs when the economy is below full employment?
The economy is below full employment.
Draw the aggregate demand curve. Label it AD.
Draw a point at the equilibrium.
C
140-
130-
Price level (GDP price index, 2012-100)
120-
110-
100-
90-
90
80-
18.0
Potential GDP
AS
☑
18.5 19.0 19.5 20.0 20.5 21.0 21.5 22.0
Real GDP (trillions of 2012 dollars)
>>> Draw only the objects specified in the question.
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Transcribed Image Text:What type of output gap occurs when the economy is below full employment? The economy is below full employment. Draw the aggregate demand curve. Label it AD. Draw a point at the equilibrium. C 140- 130- Price level (GDP price index, 2012-100) 120- 110- 100- 90- 90 80- 18.0 Potential GDP AS ☑ 18.5 19.0 19.5 20.0 20.5 21.0 21.5 22.0 Real GDP (trillions of 2012 dollars) >>> Draw only the objects specified in the question.
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