The correct answer is Inflationary gap .

In macroeconomics, the equilibrium level of real GDP is the level of output where aggregate demand (AD) is equal to aggregate supply (AS). The full employment level of GDP is the level of output where all available resources in the economy, such as labor, capital, and land, are being used efficiently, without causing inflationary pressures.

When the equilibrium level of real GDP exceeds the full employment level of GDP, it creates an inflationary gap, also known as a positive output gap. This means that the economy is producing more goods and services than it can sustain in the long run, and this leads to upward pressure on prices.

Inflationary gaps occur when aggregate demand is higher than aggregate supply, and the excess demand leads to price increases. This situation can arise due to factors such as increased government spending, higher investment, or increased consumption by households. It can also be caused by a combination of factors such as low interest rates, easy access to credit, and high consumer confidence.

The inflationary gap can be corrected through fiscal and monetary policy measures. Fiscal policy measures such as increasing taxes, reducing government spending, or reducing transfer payments can reduce aggregate demand and help bring it back to the full employment level. Similarly, monetary policy measures such as increasing interest rates, reducing the money supply, or increasing reserve requirements can reduce aggregate demand and help control inflation.

To summarize, the amount by which the equilibrium level of real GDP exceeds the full employment level of GDP is called the inflationary gap, and it indicates that the economy is producing more than it can sustain in the long run, leading to upward pressure on prices.

The correct answer is Organized and unorganized sectors .

The correct answer to the given question is option 1, Organized and unorganized sectors.

The economy can be broadly divided into two sectors, namely the organized and the unorganized sectors, based on employment conditions.

The organized sector refers to those industries that are registered with the government and follow certain labor laws, such as minimum wage laws, working hours, and benefits like health insurance, provident fund, and pension. Workers in the organized sector enjoy better job security, working conditions, and wages as compared to those in the unorganized sector. Examples of organized sectors include manufacturing, construction, and service industries like IT and BPO.

The unorganized sector, on the other hand, refers to those industries that are not registered with the government and do not follow labor laws. This sector comprises small businesses, street vendors, casual laborers, and self-employed individuals. Workers in the unorganized sector are often exploited, with low wages, poor working conditions, and no job security. This sector is often characterized by a lack of regulation and informality.

Other options mentioned in the question like Private and public sectors, Seasonal and disguised sectors, and Primary, secondary, and tertiary sectors refer to different classifications of the economy based on ownership, nature of work, and industry types. For example, private and public sectors refer to the ownership of businesses, while primary, secondary, and tertiary sectors refer to the types of industries based on the level of production and services.

In conclusion, based on employment conditions, the economy is divided into organized and unorganized sectors, and this division is essential for understanding the employment patterns and labor market dynamics in an economy.