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What three parts of the economy are represented in the IS-MP model

Question : What three parts of the economy are represented in the IS-MP model : 2141658

ESSAY. Write your answer in the space provided or on a separate sheet of paper.

21) What three parts of the economy are represented in the IS-MP model?

22) How is the economy likely to respond when AE (sales) exceeds production?

23) How does the goods market return to equilibrium if AE is less than production?

24) What is potential GDP? What happens to unemployment when GDP is at its potential?

25) What is the difference between an autonomous change in spending and an induced change in spending?

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