Suppose the table below illustrates the values of real and potential GDP and the price level...
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Suppose the table below illustrates the values of real and potential GDP and the price level in 2022 and 2023, if the Fed did not vote to change their current policy to be more contractionary or expansionary. Year 2022 2023 Potential Real GDP $15 trillion $20 trillion Real GDP $16 trillion $18 trillion Price Level 105 110 a. Draw ONE diagram using the LRAS-SRAS-AD curves to illustrate the equilibrium in the country in 2022 and 2023 respectively. Suppose the table below illustrates the values of real and potential GDP and the price level in 2022 and 2023, if the Fed did not vote to change their current policy to be more contractionary or expansionary. Year 2022 2023 Potential Real GDP $15 trillion $20 trillion Real GDP $16 trillion $18 trillion Price Level 105 110 a. Draw ONE diagram using the LRAS-SRAS-AD curves to illustrate the equilibrium in the country in 2022 and 2023 respectively.
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