Refer to Table 19-4. Consider the data above (in billions of dollars) for an economy: Gross domestic product (in billions of dollars) for this economy equals

At the equilibrium level of income, the value of consumption is equal to

A) (consumption - savings). B) (income - investment). C) (savings + investment). D) (income + investment).

An expansionary fiscal policy

I. includes an increase in government spending. II. includes tax cuts. III. increases a government budget deficit or reduces a government budget surplus. A) I, II, and III B) I and II only C) I and III only D) II and III only