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According to the Taylor Rule: if the inflation rate is 2% and the GDP gap is 3%,what does the federal funds rate target equal?
Deadweight Loss
A loss of economic efficiency that can occur when equilibrium in a market is not achieved or is not achievable.
Free Trade
An economic policy that allows imports and exports among member countries with little to no tariff barriers, quotas, or subsidies.
Total Output
Total output refers to the total quantity of goods and services produced within an economy at a given time period, reflecting the aggregate production level.
Comparative Advantage
The ability of a country, individual, company, or region to produce a good or service at a lower opportunity cost than its competitors.
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