Refer to the information provided in Table 24.8 below to answer ...

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Question 1

Refer to the information provided in Table 24.7 below to answer the question(s) that follow.

Refer to Table 24.7. Suppose the economy is in equilibrium and the government raises taxes from $200 million to $250 million, equilibrium output will ________ by $________ million.

◦ decrease; 50
◦ increase; 50
◦ decrease; 200
◦ increase; 200

Question 2

Refer to the information provided in Table 24.8 below to answer the question(s) that follow.








Refer to Table 24.8. The equilibrium level of income is

◦ $2,000 billion.
◦ $3,400 billion.
◦ $3,600 billion.
◦ $3,800 billion.

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