1. Assume the economy is in a recession with below average price level. If consumers think the economy will get worse and they decrease spending what will happen in the short and long run. 2. If the economy is in an inflationary gap period with below average price level, what happens in the short and long run if the government increases regulation on the energy sector. 3. If the economy is in a period of stagflation, what happens if the government increases taxes in the long run and short run?

1. Assume the economy is in a recession with below average price level. If consumers think the economy will get worse and they decrease spending what will happen in the short and long run. 2. If the economy is in an inflationary gap period with below average price level, what happens in the short and long run if the government increases regulation on the energy sector. 3. If the economy is in a period of stagflation, what happens if the government increases taxes in the long run and short run?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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