In the short run, before policymakers realize that potential output has fallen, O inflation will rise and output will fall. O inflation will fall and output will rise. O both inflation and output will fall. O both inflation and output will rise. When policymakers realize potential output has fallen, in order to restore the initial inflation target, they would need to (Click to select) This would shift the AD curve [(Click to select) until it intersected the new SRAS and LRAS at the original inflation target. In the long run, the overall impact of the protectionist policies would be to lower both output and inflation. raise output and lower inflation. O raise output and leave inflation unchanged. lower output and leave inflation unchanged.

In the short run, before policymakers realize that potential output has fallen, O inflation will rise and output will fall. O inflation will fall and output will rise. O both inflation and output will fall. O both inflation and output will rise. When policymakers realize potential output has fallen, in order to restore the initial inflation target, they would need to (Click to select) This would shift the AD curve [(Click to select) until it intersected the new SRAS and LRAS at the original inflation target. In the long run, the overall impact of the protectionist policies would be to lower both output and inflation. raise output and lower inflation. O raise output and leave inflation unchanged. lower output and leave inflation unchanged.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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