Table 17-7 -Refer to Table 17-7

question 127

Essay

Table 17-7
$\begin{array}{|c|l|l|l|}\hline \text { Year } & \text { Potential Real GDP } & {\text { Real GDP }} & \text { Price Level } \\\hline 2018 & \$ 19.2 \text { trillion } & \$ 19.2 \text { trillion } & 154 \\\hline 2019 & 19.8 \text { trillion } & 19.6 \text { trillion } & 156 \\\hline\end{array}$
-Refer to Table 17-7.Suppose the table above illustrates the values of real and potential GDP and the price level if the Fed did not vote to change their current policy to be more contractionary or expansionary.Suppose that the Fed used an appropriate policy and was successful in keeping real GDP at potential in 2019.Draw an aggregate demand and supply curve to illustrate your answer.

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