JAMB - Economics (2011 - No. 44)
What does X represent?
recessionary gap
GNP gap
inflationary gap
deflationary gap
Explication
Point X represents inflationary gap as seen in the diagram above.
Inflationary gap happens as a result of excess demand.
What does X represent?
Point X represents inflationary gap as seen in the diagram above.
Inflationary gap happens as a result of excess demand.