Which of the following best describes how recessions are illustrated in the AD/AS diagram?
a. Recessions are illustrated in the AD/AS diagram when the equilibrium level of real GDP is substantially above potential GDP, while in years of resurgent economic growth the equilibrium will typically be close to potential GDP.
b. Recessions are illustrated in the AD/AS diagram when the equilibrium level of real GDP is substantially below potential GDP, while in years of resurgent economic growth the equilibrium will typically be above potential GDP.
c. Recessions are illustrated in the AD/AS diagram when the equilibrium level of real GDP is substantially below potential GDP, while in years of resurgent economic growth the equilibrium will typically be close to potential GDP.
d. Recessions are illustrated in the AD/AS diagram when the equilibrium level of real GDP is substantially above potential GDP, while in years of resurgent economic growth the equilibrium will typically be below potential GDP.
c. Recessions are illustrated in the AD/AS diagram when the equilibrium level of real GDP is substantially below potential GDP, while in years of resurgent economic growth the equilibrium will typically be close to potential GDP.
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A) the Federal Reserve B) the banking system C) the U.S. Congress D) the President of the United States E) The U.S. Congress and the President share the control.
Which type of tax is used to finance the Social Security program in the United States?
a. consumption tax b. income tax c. payroll tax d. property tax