Diagrams

• Label the Business Cycle Diagram:

  A) Boom

  B) Boom

  C) Actual GDP

  D) Potential Trend GDP

  E) Recovery

  F) Bust

  G) Recession

  H) Slump

  I) Time

  J) Real GDP

  
• Label this part of the Business Cycle

  A) Positive Output gap

  B) Positive Output gap

  C) negative output gap

  D) negative output gap

  
• Label this diagram showing SRAS, AD and a neoclassical LRAS:

  A) LRAS

  B) SRAS

  C) AD

  D) Real GDP

  E) Price Level

  F) PLe

  G) Ye

  H) YF