In 2017, potential output was $18.17 trillion and output was $18.05 trillion. In 2018, potential output was
Question:
In 2017, potential output was $18.17 trillion and output was $18.05 trillion. In 2018, potential output was $18.51 trillion and output was $18.56 trillion. Calculate the output gap for each year. How did the output gap change between 2017 and 2018? Did it become more positive or more negative?
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The output gap represents the difference between potential output and actual output expressed as a p...View the full answer
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Related Book For 
Principles Of Economics
ISBN: 9781319330156,9781319419769
2nd Edition
Authors: Betsey Stevenson, Justin Wolfers
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