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Suppose real GDP is $13 trillion, potential real GDP is $13.5 trillion, and Congress and the preside

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Suppose real GDP is $13 trillion, potential real GDP is $13.5 trillion, and Congress and the preside

Suppose real GDP is $13 trillion, potential real GDP is $13.5 trillion, and Congress and the president plan to use fiscal policy to restore the economy to potential real GDP. Assuming a constant price level, Congress and the president would need to decrease taxes by
A) $500 billion.
B) less than $500 billion.
C) more than $500 billion.
D) None of the above are correct. Congress should raise taxes in this case.

Textbook

Essentials of Economics

Edition: 4^th

Authors: Hubbard, O'Brien

Read 270 times

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Tidy Author

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9 years ago

Thanks

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Just got PERFECT on my quiz

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this is exactly what I needed

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