Deficit is to debt as
a. responsible is to irresponsible.
b. increase is to decrease.
c. flow is to stock.
d. important is to unimportant.
c
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If no fiscal policy changes are implemented to fight inflation, suppose the aggregate demand curve will exceed the current aggregate demand curve by $900 billion at any level of prices. Assuming the marginal propensity to consume is 0.90, this increase in aggregate demand could be prevented by:
a. increasing government spending by $500 billion. b. increasing government spending by $140 billion. c. decreasing taxes by $40 billion. d. increasing taxes by $100 billion.
According to the model of the macro economy in Figure 18.3, a shift from LRAS1 to LRAS2 will cause, ceteris paribus,
A. A decrease in the level of output. B. An increase in the unemployment level. C. An increase in government spending. D. A decrease in the price level.