JAMB Economics 2011 Objective — Question 37

Question 37 of 49 from the Joint Admissions and Matriculation Board (JAMB) Economics 2011 Objective paper, with the correct answer and a full explanation.

[Same AS/AD diagram] What does X represent?

A. A. GNP gap
B. B. Inflationary gapCorrect
C. C. Deflationary gap
D. D. Recessionary gap

Explanation

The inflationary gap is represented by X. It is the range over which the AD exceeds the AS.

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