3. Assume that an open economy with trade and budget deficits (NX < 0, B < 0) and faces a recession (Y

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3 Assume That An Open Economy With Trade And Budget Deficits Nx 0 B 0 And Faces A Recession Y Y To Overstep T 1 (11.65 KiB) Viewed 23 times

3. Assume that an open economy with trade and budget deficits (NX < 0, B < 0) and faces a recession (Y<Y). To overstep the twin gaps and to increase the output to the natural level, what should be done? (15)