1. Describe The Long-Run Equilibrium and Long-Run Growth. 2. Describe the Tradeoff Between Output Variability and Inflation Variability. 3. Describe the Inside Lag. 4. Describe how both Monetary and Fiscal Policy work with Long Lags. 5. Describe how people respond to economic policies. 6. Describe what was unusual about US fiscal policy from 1980 to 1995. 7. Describe public saving. 8. Describe why a budget deficit might or might not be good economic policy.

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Understanding Macroeconomic Concepts Heres a breakdown of the key terms you requested LongRun Equilibrium LongRun Growth LongRun Equilibrium This refers to a state in the economy where key variables l... View the full answer