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Question 1

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

What type of the GDP gap is observed in Norway?

 

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Question 2

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?

 

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Question 3

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

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

 

Hint