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-Based on the table above,
a) What is the equilibrium price level and real GDP?
b) If potential GDP is $11.0 trillion, what does that imply about the economy's level of employment?
c) If potential GDP is $9.0 trillion, what does that imply about the economy's level of employment?
Logrolling
The trading of votes by legislators to secure favorable outcomes on decisions concerning the provision of public goods and quasi-public goods.
Diminish
To decrease or make smaller in size, importance, or intensity.
Excludability
The characteristic displayed by those goods and services for which sellers are able to prevent nonbuyers from obtaining benefits.
Consuming
Consuming involves using up goods or services by purchasing, eating, or utilizing them to satisfy needs or wants.
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