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Question 1

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

What type of the GDP gap is observed in Mexico?

 

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Question 2

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

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

 

Hint


Question 3

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

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

 

Hint