The long-run effect of reducing the government budget deficit would be
a. a higher price level and a lower level of output
b. a lower price level and a lower level of output
c. a higher price level and a higher level of output
d. a higher price level with unchanged output
e. a lower price level with unchanged output
E
Economics
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Summarize the effects of a production quota on the market price and the quantity produced
What will be an ideal response?
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Refer to Table 1-4. Using marginal analysis, how many hours should Eva extend her bakery's hours of operations?
A) 2 hours B) 3 hours C) 4 hours D) 5 hours E) 6 hours
Economics