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Refer to the figure below.Suppose the economy is in a short-run equilibrium at output Y3 and inflation rate 2. The economy is currently experiencing ______, and the correct monetary policy response to this situation, to return the economy to potential GDP, is to ______.
Q3: In an open economy with a given
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Q37: When a U.S.restaurant purchases French wine and
Q53: In a certain economy, the components of
Q90: When actual output exceeds potential output, there
Q101: Recessions begin at _ and end at
Q108: In a certain economy, the components of
Q116: In Macroland, potential output equals $100 trillion