-The table above gives the aggregate demand and aggregate supply schedules in Lotus Land. With no changes in aggregate demand or long- run aggregate supply, in long- run macroeconomic equilibrium, the price level will be and real GDP will be .
Definitions:
Free Trade
An economic policy that allows imports and exports between countries with few or no tariffs, quotas, or prohibitions.
Bilateral Trade Agreement
A trade pact between two countries to facilitate trading and commerce, reducing tariffs and other trade barriers to mutually benefit the economies of the two nations.
Safety Standards
Established norms and criteria designed to ensure products, services, or environments are safe for use or occupation.
Limit Inflow
Measures or policies set to restrict the amount of incoming resources, funds, or foreign currencies into a country or system.
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