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Assume that the economy is initially in short-run equilibrium at a level of output above the natural rate. Use the IS-LM model to illustrate graphically how the levels of income and interest rates change as the economy returns to the natural rate of output in the long run.
Texan President
A reference to the president of the Republic of Texas, a sovereign state in North America that existed from 1836 to 1846.
New Dealer
A supporter or implementer of the New Deal programs initiated by President Franklin D. Roosevelt in the 1930s to combat the Great Depression in the United States.
Voting Rights Act
A significant federal law in the United States that bans discrimination based on race in voting practices.
Black Voter Participation
The involvement and active participation of African American citizens in the electoral process, including voting in elections.
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