Economy's Potential: Contractionary & Expansionary Gaps


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Where do the Short-Run Aggregate Supply curve and the Aggregate Demand curve intersect when the economy is undergoing an expansionary gap?

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1. Where do the Short-Run Aggregate Supply Curve and Aggregate Demand Curve meet when the economy is in a contractionary gap?

2. Leaving a job to find a better one is an example of which of the following?

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About This Quiz & Worksheet

With these examinations, prepare to be assessed on broad topics such as the Short-Run Aggregate Supply and Aggregate Demand curves, as well as types of unemployment.

Quiz & Worksheet Goals

The particular focus of these tools will be on:

  • An expansionary gap's effect on the Short-Run Aggregate Supply and Aggregate Demand curves
  • A contractionary gap's effect on the Short-Run Aggregate Supply and Aggregate Demand curves
  • People leaving their jobs to find a better one
  • What it's called when too many workers want the same job
  • When workers are laid off because there's a lack of business

Skills Practiced

  • Knowledge application - use your knowledge to answer questions about expansionary and contractionary gaps in the economy
  • Interpreting information - verify that you can read information regarding the different forms of unemployment and interpret it correctly
  • Lesson comprehension - ensure that you draw the most important information from the related lesson on contractionary and expansionary gaps

Additional Learning

The lesson, Economy's Potential: Contractionary & Expansionary Gaps, will help you along with associated concepts such as:

  • Cycles of the economy
  • How to graph the types of gaps
  • What's represented on these graphs
  • Results of the different types of gaps