Question 1
Refer to the information provided in Table 24.8 below to answer the question(s) that follow.
Refer to Table 24.8. If taxes are reduced from $100 billion to $50 billion, the new equilibrium level of output is
◦ $4,050 billion.
◦ $3,850 billion.
◦ $2,100 billion.
◦ $1,600 billion.
Question 2
Refer to the information provided in Table 24.8 below to answer the question(s) that follow.
Refer to Table 24.8. If taxes are reduced by $50 billion and government spending is reduced by $50 billion, the new equilibrium level of income
◦ is $3,550 billion.
◦ is $3,350 billion.
◦ is $1,600 billion.
◦ cannot be determined from this information.
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