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How the federal government should respond

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Ceteris paribus, what will happen to the aggregate economy if consumer spending decreases along with a negative shock of higher cost of inputs due to an increase in the minimum wage? Discuss how the aggregate economy will change, including which curve(s) shift and in what direction along with how inflation and real GDP will change in the short term and long term. Next, discuss how the federal government should respond to this?

Reference no: EM132512352

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