Table 16-3
-Refer to Table 16-3.Consider the hypothetical information in the table above for potential real GDP,real GDP and the price level in 2013 and in 2014 if the Congress and the president do not use fiscal policy.If the Congress and the president use fiscal policy successfully to keep real GDP at its potential level in 2014,which of the following will be higher than if the Congress and the president had taken no action?
Definitions:
Quality Control
The processes and measures implemented to ensure that the quality of a product or service meets the specified standards and requirements.
Established Quality Standards
Set criteria or benchmarks that define the specifications, technical details, and performance measures products or services must meet to ensure they are fit for purpose and meet customer expectations.
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