Please write a brief explanation to the following question. Make sure that you organize your thoughts and ideas in cohesive paragraphs. Be as thorough as possible in your explanation.
Which of the following three situations is least likely to occur at the same time as the other two situations? Why?
1) Real GDP is less than potential GDP.
2) An economy in a strong, 5-year expansion.
3) An unemployment rate above the natural rate of unemployment.