Question 1
Refer to the information provided in Figure 32.2 below to answer the question(s) that follow.
![](data:image/png;base64, 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![](data:image/png;base64, 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)
Refer to Figure 32.2. According to Keynes, an expansionary monetary policy in the long run and after all the adjustments have been made
◦ does not increase equilibrium output.
◦ increases equilibrium output above
Y1.
◦ decreases equilibrium output below
Y1.
◦ increases equilibrium output above
Y1 and decreases the price level below
P1.
Question 2
Refer to the information provided in Figure 32.2 below to answer the question(s) that follow.
![](data:image/png;base64, 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![](data:image/png;base64, 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)
Refer to Figure 32.2. According to monetarists, an expansionary fiscal policy in the long run and after all the adjustments have been made
◦ does not increase equilibrium output or the price level.
◦ increases equilibrium output above
Y1, but does not change the price level.
◦ increases the price level above
P1, but does not change equilibrium output.
◦ increases equilibrium output above
Y1 and decreases the price level below
P1.