Table 17.2 Year Potential GDP (dollars) Real GDP (dollars) Price Level 2016 1.5 trillion 1.5...
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Table 17.2 Year Potential GDP (dollars) Real GDP (dollars) Price Level 2016 1.5 trillion 1.5 trillion 150 2017 1.6 trillion 1.8 trillion 156 Consider the hypothetical information in Table 17.2 for potential GDP, real GDP and the price level in 2016 and in 2017 if the Reserve Bank of Australia does not use monetary policy. If the RBA uses monetary policy successfully to keep real GDP at its potential level in 2017, which of the following will be lower than if the RBA had taken no action? O Real GDP and the unemployment rate O Real GDP and the inflation rate o Real GDP and potential GDP O Potential GDP and the inflation rate
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