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peachmink68Lv1
28 Sep 2019
Given a real GDP of 8983, an Unemployment rate of 5.5,5.7,5.9, CPI of 130.5,131.6,132.5, Real GDP potential of 8970, and a NAIRU of 5.9, answer the following:
Does it appear the economy is experiencing a: recessionary gap, inflationary gap, full employment?
a classical economist would suggest that the gov: do nothing and wait for wages to start falling, do nothing and wait for wages to start rising, increase gov spending and or cut taxes, reduce gov spending and or raise taxes?
Keynesian economists would suggest that the gov: do nothing and wait for wage rates to start falling, do nothing and wait for wages to start rising, increase gov spending and or cut taxes, reduce gov spending and or raise taxes?
Given a real GDP of 8983, an Unemployment rate of 5.5,5.7,5.9, CPI of 130.5,131.6,132.5, Real GDP potential of 8970, and a NAIRU of 5.9, answer the following:
Does it appear the economy is experiencing a: recessionary gap, inflationary gap, full employment?
a classical economist would suggest that the gov: do nothing and wait for wages to start falling, do nothing and wait for wages to start rising, increase gov spending and or cut taxes, reduce gov spending and or raise taxes?
Keynesian economists would suggest that the gov: do nothing and wait for wage rates to start falling, do nothing and wait for wages to start rising, increase gov spending and or cut taxes, reduce gov spending and or raise taxes?
Chika IlonahLv10
28 Sep 2019