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(Solved): The table below provides macroeconomic data for a hypothetical economy. Dollar amounts are all in co ...



The table below provides macroeconomic data for a hypothetical economy. Dollar amounts are all in constant-dollar terms. Year Actual Output (billions of $) Potential Output (billions of $) Unemployment Rate (% of labour force) 2012 402 404 7.1 2013 408 411 7.2 2014 415 415 6.3 2015 420 418 5.9 2016 422 420 6.0 2017 420 423 7.0 2018 425 425 6.3 TABLE 19-1 Refer to Table 19-1. In which years was this economy experiencing an inflationary gap? 2014, 2018 2012, 2013, 2017 2016, 2017 2015, 2016 2012, 2013



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