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Posted by on Thursday, December 10, 2009 at 2:47pm.

a. If the actual price level exceeds the expected price level reflected in
long-term contracts, real GDP equals ____________ and the actual
price level equals _____________ in the short run.
b. The situation described in part (a) results in a(n)
_________________ gap equal to ___________.
c. If the actual price level is lower than the expected price level
reflected in long-term contracts, real GDP equals _____________
and the actual price level equals _____________ in the short run.
d. The situation described in part (c ) results in a(n)
____________ gap equal to ___________.

  • Macroeconomics - , Thursday, December 10, 2009 at 4:04pm

    I have the feeling I am missing something. Are the questions referring to some graph which I don't see??

  • Macroeconomics - , Thursday, December 10, 2009 at 5:17pm

    It says to, "Answer the following
    questions on the basis of the following graph", but there is no graph, so i don't know how to answer it.

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