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. The “GDP gap” is the difference between full-employment output and actual output (i.e., GDP gap...

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Economics

. The “GDP gap” is the difference between full-employment output and actual output (i.e., GDP gap = Y* – Y). In the context of definition, which of the following should NOT be correct about the GDP gap? (a) The GDP gap is not systematically related to the difference between the actual rate of unemployment (u) and the natural rate of unemployment (u*) (b) The GDP gap is not positive in booms and negative in recessions (c) The GDP gap has nothing to do with inflation (d) Actually, all of the above are correct statements about the GDP gap RGDP

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