a. If potential GDP (LAS) is $550, and the economy is presently in equilibrium, then there is a(n) [recessionary gap of $ b. In order to close this gap aggregate demand must increase by $ billion. wwwwwwwwww billion. c. If every $1 change in government spending leads to a $4 change in aggregate demand, government spending must increase by $ billion.

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Fiscal Policy and Money Market

Fiscal policy is one of the important tools that is used by the government to control inflation or aggregate demand in the economy. Under this policy, there are two rules which are used by the government, one is the expenditure of the government and the other is the taxation or income of the government which it collects from the public.