MacroeconomicsLESSON 8 ACTIVITY 32 (continued) UNIT P1 P LRAS Y REAL GDP P R I C E L E V E L Y* SRAS AD P2 Figure 32.2 Diagram of a Persistent Gap. Ch...
Macroeconomics LESSON 8 ACTIVITY 30 UNIT From Master Curriculum Guide in Economics: Teaching Strategies for High School Economics Courses (New York: National Council on
Macroeconomics LESSON 8 ACTIVITY 30 UNIT From Master Curriculum Guide in Economics: Teaching Strategies for High School Economics Courses (New York: National Council on
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Macroeconomics LESSON 6 ACTIVITY 28 UNIT Activity written by Rae Jean B. Goodman, U.S. Naval Academy, Annapolis, Md. Part B was written by Robert Nuxoll, Oceanside High
196 Advanced Placement Economics Macroeconomics: Student Activities ' National Council on Economic Education, New York, N.Y. 4 3. In this example:
3 Macroeconomics LESSON 8 ACTIVITY 30 Answer Key UNIT Part B Test your understanding of fiscal policy by completing the table in Figure 30.1. ... N.Y. 3 Macroeconomics
3 Macroeconomics LESSON 8 ACTIVITY 30 Answer Key UNIT Part B Test your understanding of fiscal policy by completing the table in Figure 30.1. Your choices for each
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Microeconomics LESSON 5 ACTIVITY 37 UNIT Adapted from Robert W. Pulsinelli and Roger LeRoy Miller, Student Learning Guide to Accompany Economics Today, 8th ed
Read Book Online: Macroeconomics Lesson 8 Activity 30 Answers Download or read online ebook macroeconomics lesson 8 activity 30 answers in any format for any devices
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Chapter 29 - Fiscal Policy questions UNIT
3 Macroeconomics LESSON 8 ACTIVITY 32
(continued)
Figure 32.2
Diagram of a Persistent Gap
PRICE LEVEL
LRAS SRAS P1 P P2
AD Y Y* REAL GDP
6. Assume a persistent gap between current equilibrium income, Y, and full-employment income, Y*, as shown in Figure 32.2. (A) If the government decided not to implement any fiscal policy, the unemployment of resources would eventually lead to a decrease in factor prices. Show diagrammatically that this could eliminate the gap. Label the new curve SRAS1. The new price level would be _____________ . (B) A second possibility would be to depend on a smaller shift of aggregate supply and have a modest shift in aggregate demand by a discretionary fiscal stimulus so that the price level was maintained at P. Show these two changes in the graph. Label the curves SRAS2 and AD1. (C) A third possibility is that government would seek changes in taxes and / or expenditures that would rapidly bring the economy to full employment. Show this diagrammatically. Label the curve AD2. 7. Assume that a hypothetical economy is currently at an equilibrium national income level of $1 trillion, but the full-employment national income is $1.2 trillion. Assume the government’s budget is currently in balance at $200 billion and the marginal propensity to consume is 0.75. Fill in the answer blanks or underline the correct words in parentheses. (A) The gap between the equilibrium income and full employment is ____________ . (B) The value of the multiplier is ____________. (C) Aggregate expenditures would have to be (increased / decreased) by ___________ billion to eliminate the gap. (D) The government could attempt to eliminate the gap by holding taxes constant and (increasing / decreasing) expenditures by _________ billion. (E) Alternatively, the government could attempt to eliminate the gap by holding expenditures constant and (increasing / decreasing) its tax receipts by ________ billion. 158
