Starting from long-run equilibrium, a large increase in government purchases will result in a _____ gap in the short run and ____ inflation and ____ output in the long run.

Question

Starting from long-run equilibrium, a large increase in government purchases will result in a  _____ gap in the short run and ____ inflation and ____ output in the long run.

Answer

expansionary; higher; potential

Answer

expansionary; higher; higher

Answer

recessionary; higher; potential

Answer

expansionary; lower; potential

Crowdly

Starting from long-run equilibrium, a large increase in government purchases wil...

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