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Loraine Loraine
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8 years ago
Assume the federal government raises taxes (a contractionary fiscal policy). If the tax increase affects AS and AD equally, then real GDP will ________ and the price level will ________.
A) decrease; decrease
B) increase; be unchanged
C) increase; increase
D) decrease; be unchanged
E) increase; decrease
Textbook 
Essential Foundations of Economics

Essential Foundations of Economics


Edition: 7th
Authors:
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Start by doing what's necessary; then do what's possible; and suddenly you are doing the impossible.
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SydnieSydnie
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8 years ago
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