The table shows the aggregate demand and short-run aggregate supply schedules of a country in whi… 1 answer below »

The <a href=table shows the aggregate demand and short-run aggregate supply schedules of a country in which potential GDP is $1,050 billion. Does the country have an inflationary gap or a recessionary gap and what is its magnitude? The country has gap The magnitude of the gap is s billion. Price level 100 110 120 130 140 150 160 Real GDP Real GDP supplied in demanded the short run (billions of 2009 dollars) 1,150 1,050 1,100 1,100 1,050 150 1,200 1,000 1,250 950 900 1,300 850 1,350 ” src=”http://cdn.transtutors.com/questions/Transtutors006/Images/Transtutors006_25d1131e-7c5d-4939-94fd-5dad7ae7eac7.png”>

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The table shows the aggregate demand and short-run aggregate supply schedules of a country in which potential GDP is exist1, 050 billion. Does the country have an inflationary gap or a recessionary gap and what is its magnitude? The country has gap. The magnitude of the gap is exist billion.