Lumen OHM Assessment

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The graph below shows the AD-AS diagram for Canada.

What type of the GDP gap is observed in Canada?

There is no recessionary or inflationary gap.
The economy is facing an inflationary gap.
The economy is facing a recessionary gap.

Hint

The graph below shows the AD-AS diagram for the US.

What type of fiscal policy should the government of the US be implementing to bring the economy to the long-run equilibrium?

The government should implement contractionary fiscal policy.
There is no need for either contractionary or expansionary fiscal policy.
The government should implement expansionary fiscal policy.

Hint

The graph below shows the AD-AS diagram for Canada.

What type of fiscal policy should the government of Canada implement to bring the economy to the long-run equilibrium?

There is no need for either contractionary or expansionary monetary policy.
The FED should implement contractionary monetary policy.
The FED should implement expansionary monetary policy.

Hint

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