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Question: The accompanying diagram shows the current macroeconomic situation for the economy of Brittania; real GDP is Y1, and the aggregate price level is P1. You have been hired as an economic consultant to help the economy move to potential output, YP

1522_SRAS.png

a. Is Brittania facing a recessionary or inflationary gap?

b. Which type of fiscal policy-expansionary or contractionary-would move the economy of Brittania to potential output, YP? What are some examples of such policies?

c. Illustrate the macroeconomic situation in Brittania with a diagram after the successful fiscal policy has been implemented.

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