May/June 2026 Paper 33

2026 · 30 questions · 30 parts · 30 marks

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18Output Gaps Macroeconomic EquilibriumMedium1 mark
In a closed economy, the equilibrium level of income is $25 million and the full employment level of income is $30 million. The marginal propensity to consume is . What is the deflationary gap?