Question 53 1 pts The fipure below shows the short-nun aggregae supply curve of

Question

Question 53 1 pts The fipure below shows the short-nun aggregae supply curve of an ecooomy. In this figure, if Pl is the price level pvailing in the economy, it impies that: tere is an expansionary gap the pnce level will decrease. the anal unemployment ranis equal to the natural unemployment rate. the actual unemplarytten ale is below the naan unemplyttesl tale. the achal tale ofoutpuis more tha!he pulestial ouipal Question 54 1 pts The fipure below shows the short-run aggregae supply curve of an ecooomy. In this figure, a recessionary gap would be ropreseed by be istance between and P1. Pand P2

Explanation / Answer

53) If the price level is P1:

The actual unemployment rate is equal to the natural unemployment rate.

Option 3 is correct

54)

Recessionary output gap = Y1 - Y2

Option 1 is correct

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