2.5.2 Output Gaps 0.0 / 5 ? EconomicsMacroeconomicsASEdexcel Created by: 13clarkenCreated on: 17-04-19 14:33 42351 Across 1. A .. output gap is when the economy is producing below its long term trend growth rate and at this point, the economy is producing within its PPF and working with spare capacity (8) 4. Positive output gaps are also known as ... (5) Down 2. An ... is the difference between the actual level of real GDP and its estimated long term value (the trend rate of growth) (6, 3) 3. A ... output gap is when the economy is producing above its long term trend growth rates and at this point it is producing beyond its PPF, which can happen in the short run (8) 5. Negative output gaps are also known as ... (10)
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