Table 17-5 -Refer to Table 17-5

question 145

Essay

Table 17-5
$$\begin{array} { | c | c | c | c | } \hline \text { Year } & \text { Potential Real GDP } & \text { Real GDP } & \text { Price Level } \\\hline 2014 & \$ 14.4 \text { trillion } & \$ 14.4 \text { trillion } & 144 \\\hline 2015 & 14.7 \text { trillion } & 14.5 \text { trillion } & 146 \\\hline\end{array}$$
-Refer to Table 17-5.Suppose the table above illustrates the values of real and potential GDP and the price level,if the Fed does not vote to change their current policy to be more contractionary or expansionary.Suppose that the Fed uses an appropriate policy and is successful in keeping real GDP at potential in 2015.State whether each of the following will be higher or lower than if the Fed had taken no action:
a.Real GDP
b.Potential real GDP
c.The price level
d.The unemployment rate

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Definitions:

Procedural Fairness

Concerns the fairness and transparency of the processes used in decision-making, ensuring equitable treatment.

Organizational Interventions

Strategies or programs implemented within a company to improve its operations, culture, or employee well-being, often to increase efficiency and effectiveness.

Job Loss

The elimination of positions within an organization, leading to unemployment for affected employees.

New Employment

The process of beginning work in a new position or with a new company, involving adaptation to new roles, responsibilities, and organizational culture.