The table above gives data for the nation of Pearl, a small island in the South Pacific. If aggregate demand increases so that the quantity of real GDP demanded is $6 billion more at each price level, the new equilibrium real GDP is ________, and the nation is now experiencing a(n) ________.
A) $22 billion; inflationary gap
B) $22 billion; recessionary gap
C) $28 billion; inflationary gap
D) $28 billion; recessionary gap
E) $25 billion; equilibrium
C
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If the correlation between GDP and y is 0.55, we say y is
A) procyclical. B) acyclical. C) countercyclical. D) tricyclical.
Which of the following is true?
a. In low-income countries, less than 5 percent of those 15 and older were illiterate in 2007 b. In middle-income countries, 17 percent of those 15 and older were illiterate in 2007 c. In high-income countries, 38 percent of those 15 and older were illiterate in 2007 d. Education bears little relationship to economic development in high income countries e. Education is more important to the economic development of low income countries than it is to high income countries
All economists agree that the European Union is an example of a true a optimal currency area
Indicate whether the statement is true or false
About _____ of every ten dollars in the U.S. M1 balance is in the form of currency.
A. 1 B. 2 C. 3 D. 4 E. 5