Explain with the Aid of Diagrams the Effect of a Policy

question 13

Essay

Explain with the aid of diagrams the effect of a policy or action that would result in an inflationary and recessionary gap.Show the result graphically and explain the short-run and long-run adjustments that will take place in each case.

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Definitions:

Writer's Opinions

The personal views or beliefs of the author expressed in their writing.

Operating Procedures

Standardized instructions or methods that outline how specific tasks or operations should be performed.

Standard Operating Procedures

Detailed, written instructions designed to achieve uniformity of the performance of a specific function or operation within an organization.

Memorandums

Also known as memos, they are brief written messages used within an organization to communicate policies, procedures, or official business among employees.