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Answer :
Final answer:
The output gap, which represents the difference between actual and potential output in an economy, is $1.0 trillion in this case, computed by subtracting the short-run output ($20.0 trillion) from the potential output ($21.0 trillion).
Explanation:
The output gap is a concept used in macroeconomics that represents the difference between an economy's actual output, also known as short-run output, and its potential output. In this case, the short-run output is $20.0 trillion, and the potential output is $21.0 trillion.
To calculate the output gap, subtract the short-run output from the potential output. Here, $21.0 trillion (potential output) - $20.0 trillion (short-run output) equals to a $1.0 trillion output gap. Therefore, the output gap in this instance is b.+$1.0 trillion.
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