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Question: The following table shows potential economic information regarding this year and the forecast for...
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Show transcribed image text The following table shows potential economic information regarding this year and the forecast for next year: Should the Congress & the president use expansionary or contractionary fiscal policy in 2018? Consistent with this answer, should they raise or lower government purchases? Should they raise or lower taxes? If Congress & the President succeed in achieving real GDP in 2018 that reaches its potential level, will each of the following be higher, lower, or the same in 2018 as it would have been if they had taken no action: Real GDP Potential GDP The inflation rate The unemployment rate Draw a dynamic aggregate demand and aggregate supply graph showing the economy in 2017 and the 2018 forecast both with and without a change in fiscal policy aimed at restoring the economy to potential GDP. Be sure to label your graph carefully and completely.

The following table shows potential economic information regarding this year and the forecast for next year: Should the Congress & the president use expansionary or contractionary fiscal policy in 2018? Consistent with this answer, should they raise or lower government purchases? Should they raise or lower taxes? If Congress & the President succeed in achieving real GDP in 2018 that reaches its potential level, will each of the following be higher, lower, or the same in 2018 as it would have been if they had taken no action: Real GDP Potential GDP The inflation rate The unemployment rate Draw a dynamic aggregate demand and aggregate supply graph showing the economy in 2017 and the 2018 forecast both with and without a change in fiscal policy aimed at restoring the economy to potential GDP. Be sure to label your graph carefully and completely.