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(a) In Figure 1 , is there an infl ationary gap or a recessionary gap? (b) How...

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(a) In Figure 1 , is there an infl ationary gap or a recessionary gap?

(b) How much is it?

(c) How much is the multiplier? ( LO1 , 2 , 3 )

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Expenditures 8,000 6,000 4,000 2,000 2,000 + 4,000 C+I+G+Xn Full- Temployment GDP 6,000 8,000 GDP (in billions of dollars)

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