Use the graph to answer the following questions a. If the govemment does not take any policy actions, then, in 2023, the value of real GDP will be 5 trillion and the value of the price level will be (Enter your responses rounded to one decimal place) b. What actions can the govemment take to bring real GDP to its potential level in 20237 In order to bring real GOP to its potential level in 2023, the government can engage in expansionary fiscal policy by either increasing government spending or decreasing taxes c. If the government takes no policy actions, the inflation rate in 2023 will be % (Enter your response rounded to one decimal place) If the government uses fiscal policy to keep real GDP at its potential level, the inflation rate in 2023 will be %. (Enter your response rounded to one decimal place) 125 123 120 LRAS22 LRAS2023 205 SRAS2 SRAS2023 AD AD 2005 2023 AD002 1201204 Real GDP (vions of dollars) JADE a-without policy b-with policy

Use the graph to answer the following questions a. If the govemment does not take any policy actions, then, in 2023, the value of real GDP will be 5 trillion and the value of the price level will be (Enter your responses rounded to one decimal place) b. What actions can the govemment take to bring real GDP to its potential level in 20237 In order to bring real GOP to its potential level in 2023, the government can engage in expansionary fiscal policy by either increasing government spending or decreasing taxes c. If the government takes no policy actions, the inflation rate in 2023 will be % (Enter your response rounded to one decimal place) If the government uses fiscal policy to keep real GDP at its potential level, the inflation rate in 2023 will be %. (Enter your response rounded to one decimal place) 125 123 120 LRAS22 LRAS2023 205 SRAS2 SRAS2023 AD AD 2005 2023 AD002 1201204 Real GDP (vions of dollars) JADE a-without policy b-with policy

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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