5.3.2 Practice - Bailey Stringer

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Economics

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Nov 24, 2024

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1. Below are two graphs that show an economy in disequilibrium. Fill in the table below each graph to describe the changes that will result from either allowing the economy to adjust on its own or having the government follow a contractionary or expansionary fiscal policy. 2. Fill out the table below by showing what increase in G or decrease in T would change Action taken Curve Shift P RGDP Allow economy to adjust AS curve will shift left It will rise It will decrease Conduct contractionary fiscal policy AD curve will shift left It will fall It will decrease Action taken Curve Shift P RGDP Allow economy to adjust As curve will shift right It will fall It will increase Conduct contractionary fiscal policy AD curve will shift right It will rise It will increase
RGDP to be equal to the full-employment level. Assume that you are on the Keynesian portion of the AS curve. (Note: This is not a "balanced budget" change.) RGDP Full-Employment MPC Increase in G Decrease in T $400 $500 0.75 3.2% 7.4% $600 $750 0.6 2% 4,3% $600 $800 0.5 1.5% 2.3%
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