Suppose concerns about the size of the federal budget deficit lead the U.S. Congress to cut all
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Suppose concerns about the size of the federal budget deficit lead the U.S. Congress to cut all funding for research and development for ten years. Assuming this has an impact on technology growth, what does the AD/AS model predict would be the likely effect on equilibrium GDP and the price level?
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Given the assumptions made here the cuts i...View the full answer
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