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Guide RPNow for Students sing RPNow D Question 12 C Honor Code Refer to the following figure when answering the following questions. ng OUTPUT Figure 9.1: Output versus Time Resources tore .... Potential output ........ Online .......... Current output TIME therefore: Consider Figure 9.1. The dashed line is potential output and the solid line is current output; areas a and b are expansions. the economy is in neither a recession nor a boom in areas a and b. area b represents an economic boom, and area a is a recessionary gap. area a represents an economic boom, and area b is a recessionary gap. areas a and b are booms.Students W D Question 13 ode Potential output is defined as: the current level of output. the amount of total output if all inputs were utilized at their long-run, sustainable levels. the amount of output where inflation is zero. what an economy produces when it is at capacity. the level of output when unemployment is 10 percent.3 pts D Question 11 do On the aggregate supply curve, an increase in inflation causes while a price shock causes upward movement along the curve; the curve to shift Not enough information is given. downward movement along the curve; the curve to shift downward movement along the curve; upward movement along the curve the curve to shift; movement along the curve Previousor Students ow D Question 14 Code In the short-run model, the steady state is characterized by: All of these answers are correct. None of these answers is correct. Y. = 0ow for Students 3 pts PNow D Question 15 or Code The financial friction is the: rces result of adding the inflation rate to the unemployment rate. difference between long-run inflation and the actual rate of inflation. difference between the federal funds rate and interest rates in financial markets. variance of the risk-free interest rate. interest rate used in subprime loans. . Previous