In the United States, presidential elections occur every four years. If a political business cycle exists in the United States, in which year of a presidential term, all else fixed, would we expect output growth to be highest?

________ and ___________ represent "new wave regulation"

Fill in the blank(s) with the appropriate word(s).

Suppose that in an economy with lump-sum taxes and no international trade, autonomous investment spending increases by $2 million. If the marginal propensity to consume is 0.75, equilibrium gross domestic product will change by a maximum of

A) $0.5 million B) $1.5 million C) $2.0 million D) $8.0 million E) $15.0 million