In an economy where total spending is 3,000 0.75y and real GDP is 12,000 at full employment, there is no production gap.
Production gap is the term used to describe the discrepancy between actual and projected production in an industry. It is often computed as the percentage deviation from the production estimate. In the examination of GDP, the production gap is a key economic statistic.
The reasons for the major issues in any economy can be explained by the production gap in GDP along with information on inflation and unemployment. Thus, an enterprise or a nation might develop plans to close the deficit and attempt to produce the predicted amount.
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