Question 1
Use the dynamic aggregate demand and aggregate supply model and start with Year 1 in a long-run macroeconomic equilibrium. For Year 2, graph aggregate demand, long-run aggregate supply, and short-run aggregate supply such that the condition of the economy will induce the president and Congress to conduct expansionary fiscal policy. Briefly explain the condition of the economy and what the president and Congress are attempting to do.
Question 2
Table 16-6
Refer to Table 16-6. Suppose the economy is in the state described by the table above. What problem will occur in the economy if no policy is pursued? What fiscal policy tools could be used to combat the problem? Draw a dynamic aggregate demand and aggregate supply diagram to illustrate the appropriate fiscal policy to use in this situation.
Events of the absorptive state.
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Monks Mound, the centerpiece of Cahokia Mounds State Historic Site, Illinois, Mississippian ...
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