Answer blank options: 1. above, below, equal to 2. a recessionary gap, an expans

Question

Answer blank options:

1. above, below, equal to

2. a recessionary gap, an expansionary gap

3. $2 trillion, $1 trillion, $6 trillion

4. above, below, equal to

5. rise, fall

6. LRAS, SRAS, AD

7. left, right

8. $9 trillion, $7 trillion, $6 trillion, $8 trillion, $10 trillion

8. 125, 140, 130

The following graph shows several aggregate demand and aggregate supply curves for an economy whose potential output is $8 trillion. The curves are labeled A, B, C, and D. Three points on the diagram are indicated by grey stars and labeled X, Y, and z PRICE LEVEL 150 145 140 135 130 125 120 115 110 0 2 4 6810 12 14 16 REAL GDP (Trillions of dollars Identify which curve on the graph corresponds to each description in the following table. If the curve described is not shown on the graph, choose "Not Shown."

Explanation / Answer

1. A

2. B

3. C

4. Not Shown

5. D

1. below

2. a recessionary gap

3. $2 trillion

4. Above

5. fall

6 SRAS

7. right

8. $8 trillion

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