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Suppose the president is successful in passing a $5 billion tax increase. Assume that taxes are ...

Suppose the president is successful in passing a $5 billion tax increase. Assume that taxes are fixed, the economy is closed, and the marginal propensity to consume is 0.75. What happens to equilibrium GDP?
A) There is a $20 billion increase in equilibrium GDP.
B) There is a $20 billion decrease in equilibrium GDP.
C) There is a $15 billion increase in equilibrium GDP.
D) There is a $15 billion decrease in eqAnswer: m GDP.

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InMacro

Edition: 1^st

Authors: Hubbard, O'Brien

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