Lumen OHM Assessment

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

What type of the GDP gap is observed in Norway?

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

Hint

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

What type of fiscal policy should the government of Norway 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 the US.

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

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

Hint

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