Distinguish between NGDP and RGDP. Describe the difference. Sketch a theoretical model of RGDP over time. Be
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Distinguish between NGDP and RGDP. Describe the difference. Sketch a theoretical model of RGDP over time. Be sure to clearly label the axes and to identify each part of the business cycle. Include a line of best fit indicating long-term economic growth. Be sure the slope of this line is clearly positive, negative or zero, whichever corresponds to the U.S. economy over the past twenty years.
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