Macroeconomics Study Set 46
Quiz 27 :
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Q48 Q48 Q48
The figure above illustrates the aggregate demand, short- run aggregate supply, and long- run aggregate supply in Lotus Land. The economy is currently at point D and the government increases its expenditure on goods and services. The economy will move to . The price level will , and the change in real GDP will be the increase in aggregate demand.
Q82 Q82 Q82
A country has been in existence for only two years. In the first year, tax revenues were $1.0 million and outlays were $1.5 million. In the second year, tax revenues were $1.5 million and outlays were $2.0 million. At the end of the second year, the total government debt was .