(Figure: Fiscal Policy Choices) Use Figure: Fiscal Policy Choices. In panel (a) , if the economy is at output level Y1, there is:
A) an inflationary gap.
B) an inflationary gap
C) a recessionary gap.
D) a recessionary gap
E) equilibrium at full employment.
F) equilibrium at full employment
G) no output gap.
H) no output gap
Correct Answer:
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Q159: (Figure: Short- and Long-Run Equilibrium II) Use
Q160: (Figure: Fiscal Policy II) Use Figure: Fiscal
Q161: (Figure: Short- and Long-Run Equilibrium II) Use
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