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Suppose that Waxwania is producing $600 of real GDP, whereas the potential real GDP (or fu

Suppose that Waxwania is producing $600 of real GDP, whereas the potential real GDP (or fu

Suppose that Waxwania is producing $600 of real GDP, whereas the potential real GDP (or full-employment real GDP) is $700. How large is its budget deficit? Its cyclically adjusted budget deficit? Its cyclically adjusted budget deficit as a percentage of potential real GDP? Is Waxwania’s fiscal policy expansionary or is it contractionary? 

Abhinav 05-Dec-2019

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