Homework Answers
Ans. 14. d) inflationary; 5
Since the actual equilibrium output level is $235 trillion where AD = AS but the full employment output is $230 trillion that means actual output exceeds the full employment output which is termed as an inflationary gap.
Inflationary gap = Actual output - full employment output
= ($235 - $230 ) trillion
= $5 trillion
this situation is called as an inflationary gap because workers are working beyond their capacity and lead to the rise in wage rates in the long run, and increase in the prices (inflation) of goods and services in the economy.
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