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Potential Output (Y*) AE AE Real GDP Real GDP 25. Describe the variables in the economy above. Is the economy experiencing a recessionary/contractionary or an

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Potential Output (Y*) AE AE Real GDP Real GDP 25. Describe the variables in the economy above. Is the economy experiencing a recessionary/contractionary or an expansionary output gap? Clearly Label the output gap. What type of fiscal policy should the government implement to close the output gap you have identified

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