The Output Gap 2.5.2

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4 Terms

1
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What is the output gap?

The difference between the actual level of GDP and its estimated potential level.

2
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What is the output gap usually measured as?

Measured as a percentage of the level of potential output

3
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Using a graph, when is the output gap negative?

When Y1 is lower than YP

4
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Using a graph, when is the output gap positive?

When Y2 is higher than YP