The difference between the equilibrium GDP at current levels of aggregate demand, and GDP under conditions of full employment and full capacity utilization:

a. Recessionary Gap or GDP Gap or Output Gap

b. Phillips Gap

c. Potential GDP

d. Natural Rate of Unemployment

The levels of GDP associated with full employment and full capacity utilization is called:

a. Potential GDP

b. Recessionary Gap or GDP Gap or Output Gap

C. Equilibrium GDP

d. Natural Rate of Unemployment