Suppose waxwania is producing $600 of real gdp, whereas the potential real gdp (or full-employment real gdp) is $700. how large is its budget deficit? its cyclically-adjusted budget deficit? its cyclically-adjusted budget deficit as a percentage of potential real gdp? is waxwania’s fiscal policy expansionary or is contractionary?
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Suppose waxwania is producing $600 of real gdp, whereas the potential real gdp (or full-employment r...
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