If the government wants to reduce unemployment by influencing the level of activity in the economy, government spending could be ________ and/or taxes could be ________. A) decreased, decreased B) decreased, increased C) increased, increased D) increased, decreased
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If the government wants to reduce
- A) decreased, decreased B) decreased, increased
- C) increased, increased D) increased, decreased
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- Explain the effect to the level of output if taxes (T) will be increased to 120.Which of the following is incorrect regarding tax revenues? a.they increase during recessions b.they increase during economic expansions c. they are a revenue source in the government's budget d. they change with changes in the tax rateThe government is considering raising the tax rate on labor income and asks you to report on the supply-side effects of such an action. Use appropriate graphs and report directions of change, not exact magnitudes. What will happen to: i. The supply of labor ii. The demand for labor and why? Equilibrium employment and why? iii. iv. V. vi. The equilibrium before-tax wage rate and why? The equilibrium after-tax wage and why? Potential GDP?
- If the government wants to increase real GDP levels, it could A) decrease government expenditures and increase taxes. B) increase government expenditures. C) decrease government expenditures. D) increase taxes.Country D experiences a recession due to a decrease in consumer confidence. There are two economists, Andrew and Betty. Betty suggests the government to do nothing. Andrew suggests the government to implement fiscal policies to revive the economy as soon as possible. If the government adopts Betty’s policy, draw an AD-AS graph to show what happens to the economy in short run and then long run after the decrease in consumer confidence. Suppose the government adopts Andrew’s policy. (i) Will the government increase or decrease spending? (ii) The government cuts the income tax rate. After cutting the income tax rate, the total income tax revenue collected increases. Explain why. (iii) Will Andrew’s policy be more effective if MPC is smaller? Give one advantage of Betty’s policy over Andrew’s policy.During an economic _______, there is a decline in economic activity, including falling GDP, rising unemployment, and reduced consumer spending. To combat this, governments often implement _______ fiscal policies to stimulate the economy. A) expansion, contractionaryB) downturn, expansionaryC) boom, contractionaryD) recession, expansionary.
- If the government decreases taxes, disposable income does not change. falls. increases. This causes total consumer spending to not change. increase. decrease.What are the effects of the business cycle on the government's budget? A automatically tax revenues and government outlays, resulting in a smaller deficit. recession boom increases decreasesIn the United States, the various state governments almost all have laws that require them to balance their budgets, every single year. Such a law would require them to ___during a ____ , resulting in a ____ recession. recession ,boom ,bigger, smaller, decrease taxes, increase taxes
- Which of the following is NOT counted in the "G" component of spending a. social security payments to retirees b. the federal government purchases three new military fighter planes c. the city government pays the salaries of teachers d. the state government spends $100 million building a new section of highwayWhy will a temporary tax increase be insignificant in reducing consumption expenditures by the amount expected a) Because people viewed the tax increase as permanent. b) Because people chose to increase their saving. c) Because people viewed the tax increase as temporary. d) consumption expenditures are not related to the level of taxation.Economics An economy is experiencing a high rate of inflation. The government wants to reduce GDP by $80 billion to reduce inflationary pressure. The MPC is .8. By how much should the government raise taxes to achieve its objective? Multiple Choice $9 billion $16 billion $20 billion $12 billion