Question 1
Figure 16-5
Refer to Figure 16-5. In the dynamic model of AD-AS in the figure above, if the economy is at point A in year 1 and is expected to go to point B in year 2, Congress and the president would most likely
◦ decrease government spending.
◦ increase government spending.
◦ increase oil prices.
◦ increase taxes.
◦ lower interest rates.
Question 2
Figure 16-5
Refer to Figure 16-5. In the dynamic model of AD-AS in the figure above, if the economy is at point A in year 1 and is expected to go to point B in year 2, and no fiscal or monetary policy is pursued, then at point B
◦ the unemployment rate is very low.
◦ firms are operating below capacity.
◦ the economy is above full employment.
◦ income and profits are rising.
◦ there is pressure on wages and prices to rise.
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