In the short run, the impact of a $50 billion tax package on GDP will be
a. greater than $50 billion because of the multiplier effect
b. less than $50 billion because of the tax code
c. greater than $50 billion because of the tax code
d. exactly $50 billion
e. greater than $50 billion because of crowding out
A
Economics
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U.S. paper currency is considered representative commodity money because it can be redeemed for gold by the U.S. government
Indicate whether the statement is true or false
Economics
When the federal government makes no attempt to take corrective action, markets return a recessed economy to full employment levels of production by
(a) laying off workers. (b) lowering wages. (c) dropping prices. (d) doing all of the above.
Economics