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Plz be hurry, I really need help for this question. THX (1) You are the President's economic advisor and your forecasting team provided you with

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Plz be hurry, I really need help for this question. THX

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(1) You are the President's economic advisor and your forecasting team provided you with the following forecasts for next year: Real GDP Real GDP Potential Demanded Supplied GDP Price Level (Trillion: of 2015 dollars! I 10 1.5 7.5 7 This year, real GDP is $6 trillion, potential GDP is $6 trillion, and the price level is 105. The President wants you to explain to hitn what will happen with the economy by answering the following questions. A. Present an Aggregate Demand and Aggregate Supply Model (Graphs) for the economy using the forecasts for next year (your diagram must be completely labeled to get full marks). Ans: B. What is your forecast of the inflation rate for next year? Ans: C. What is your forecast of the growth rate of real GDP? Ans: D. Will there be a recessionary gap or an inflationary gap? By how much? Ans: E. What is your forecast of the growth rate of potential GDP? Ans

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