Suppose total planned expenditures equal 20 trillion when the value of the price level is 100. If the price level drops to 90, total planned real expenditures will equal
A) more than 20 trillion.
B) 20 billion.
C) less than 20 trillion.
D) None of the above: Cannot be determined without additional information.
Question 2
The Laffer curve
A) initially slopes upward as increasing tax rates lead to increasing tax revenue but eventually will slope downward as increasing tax rates lead to decreasing tax revenue.
B) slopes upward throughout its range since increasing tax rates will always lead to increases in tax revenue.
C) is horizontal because tax revenue is independent of the rate of interest.
D) slopes downward throughout its range since increasing tax rates will always lead to decreases in tax revenue.
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