In the economy of Scottopia, policy makers want to lower the unemployment rate and raise real GDP
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In the economy of Scottopia, policy makers want to lower the unemployment rate and raise real GDP by using monetary policy. Using the accompanying diagram, show why this policy will ultimately result in a higher aggregate price level but no change in real GDP.
Aggregate price level, A
% Real GDP Krugman/Wells, Macroeconomics, Se, © 2018 Worth Publishers.
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