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Use the dynamic aggregate demand and aggregate supply model and start with Year 1 in a long-run macroeconomic equilibrium. For Year 2, graph aggregate demand, long-run aggregate supply, and short-run aggregate supply such that the condition of the economy will induce the government to conduct contractionary fiscal policy. Briefly explain the condition of the economy and what the government is attempting to do.
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Deming
Pertains to W. Edwards Deming, an American engineer, statistician, professor, author, lecturer, and management consultant known for his work in quality management and process improvement.
Commitment
Refers to an individual's dedication and loyalty to a cause, activity, or organization, often manifesting in persistence and effort.
Strategies
Plans or methods created to achieve a specific goal or overcome a problem.
Quality-By-Inspection
An approach to quality management where products or services are examined individually after they are completed, to ensure they meet certain standards or requirements.
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