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Use the following to answer questions:
Figure: AD-AS Use the following to answer questions: Figure: AD-AS   -(Figure: AD-AS)  Look at the figure AD-AS. Suppose the economy is producing the output level Y<sub>p</sub> and a negative demand shock shifts the AD<sub>1</sub> curve to AD<sub>3</sub>. The economy now has a(n)  _____ gap, which can be closed by _____ fiscal policy. A) inflationary; expansionary B) recessionary; contractionary C) recessionary; expansionary D) inflationary; contractionary
-(Figure: AD-AS) Look at the figure AD-AS. Suppose the economy is producing the output level Yp and a negative demand shock shifts the AD1 curve to AD3. The economy now has a(n) _____ gap, which can be closed by _____ fiscal policy.


Definitions:

Published Decision

An official decision by a court that is documented and made available to the public, often serving as a precedent for future cases.

Volume Number

Refers to a unique identifier assigned to a specific volume within a series of books or publications, often used to organize and cite them.

Official Reporters

Individuals appointed or employed to transcribe spoken words during legal proceedings into written form.

West's National Reporter

A comprehensive set of law books that publish the decisions of state and federal courts in the United States, serving as a key resource for legal research.

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