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Macro-Economics Question?

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Macro-Economics Question?

Postby elliston66 » Tue Oct 04, 2011 8:42 am

1. On average, does an increase in taxes raise or lower real GDP? If taxes as a percent of GDP go up 1 percent, by how much does real GDP change? Are the decreases in real GDP caused by tax increases temporary or permanent? Does the intention of a tax increase matter?

#2. What are the three main aggregate supply factors that determine a nation's potential (or full-employment) level of real output? What are the four main components of aggregate demand? Explain: "Aggregate supply factors determine a nation's potential GDP, whereas aggregate demand factors determine wheater or not the nation achieves its full employment GDP." How does fiscal and monterary policy relate to aggregate demand?
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