Refer to Table 10.3.2, which shows the aggregate demand and aggregate su...

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Table 10.3.2

Refer to Table 10.3.2, which shows the aggregate demand and aggregate supply schedules. Potential GDP is $7 trillion. When the economy is at its short-run macroeconomic equilibrium, which of the following statements is correct?

An inflationary gap exists.

0%✨

A recessionary gap exists.

100%

The economy is at an above full-employment equilibrium.

0%

The economy is also at a long-run macroeconomic equilibrium.

0%

Neither an inflationary nor a recessionary gap exists.

0%

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