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Please help with questions. Data is here: https://docs.google.com/document/d/1KYwCt7Wo9KoEYrNQcrxrXlFiUjgkZYfUrY59yUyqtZM/edit?usp=sharing 1. Is the economy in long-run equilibrium, a recession, or an expansion? 2. What evidence from the
Please help with questions.
Data is here: https://docs.google.com/document/d/1KYwCt7Wo9KoEYrNQcrxrXlFiUjgkZYfUrY59yUyqtZM/edit?usp=sharing
1. Is the economy in long-run equilibrium, a recession, or an expansion? 2. What evidence from the prompt leads you to what you wrote in #1? 3. Was this caused by a shift in AD or SRAS? 4. Did it shift right or left? 5. What evidence from the prompt leads you to what you wrote in #3 and #4? 6. Which of the following is likely to be of the biggest concern to a policymaker: unsustainable output with high inflation, unsustainable output with low inflation, high unemployment with high inflation, high unemployment with low inflation? 7. What evidence from the prompt leads you to what you wrote in #6? 8. If a policymaker wanted to use fiscal policy to bring the economy back to long-run equilibrium, should they use expansionary policy or contractionary policy? 9. What should they do to taxes and/or spending based on what you wrote in #8Step by Step Solution
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