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Definitions Inflationary Gap

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Please provide a economic definition for:

1. Inflationary gap.
2. Marginal propentsity to save
3. shortage
4. ceteris paribus
5. nominal income
6. imtermediate foo
7. purchasing power
8. law of increasing oppotunity costs

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Solution Summary

The expert provides definitions of inflationary gaps.

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1. The amount by which the equilibrium level of real GDP exceeds potential GDP.
2. The fraction in the change of disposable income that ...

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