The process in which new technologies replace old ones, new businesses replace existing businesses, and new skills make old ones irrelevant is referred to as:

"Expansionary fiscal policy is needed to increase Real GDP --- at least in the short run." The economist who said this most likely believes that

A) the tax multiplier is larger than the government spending multiplier. B) the AS curve is vertical. C) there will be a great deal of crowding out connected with a rise in government spending. D) the AS curve is upward-sloping. E) c and d

Discretionary fiscal policy differs from automatic stabilizers because discretionary policy ______.

a. occurs at the state level b. is set by the Federal Reserve c. is deliberate d. cannot be changed