Lumen OHM Assessment

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Question 1

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

What type of the GDP gap is observed in the US?

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

Hint

Question 2

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?

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

Hint

Question 3

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

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

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

Hint

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