severity of an economic contraction?
2a. Given that the economy has moved from A to B what would be the appropriate
fiscal policy to achieve potential GDP and why?
2b. If fiscal policy is successful at moving the economy from point B to equilibrium at
potential GDP, which of the following will occur and why?
contractionary fiscal policy, or (iii) not part of fiscal policy.
3a. The personal income tax rate is lowered.
3b. The government increases spending on defence due to a change in spending
3c. The company income tax rate is lowered.
3d. The State of New South Wales builds a new tollway in an attempt to expand
employment and ease traffic congestion.
billions of dollars.
Real GDP Consumption Planned
500 400 100 150 -50
600 450 100 150 -50
700 500 100 150 -50
800 550 100 150 -50
4a. What is the equilibrium level of real GDP?
4b. What is the MPC?
4c. If investment spending declines by 50, what will happen to equilibrium GDP?
$14.3 trillion. Will decreasing government purchases by $200 billion or raising taxes by
$200 billion restore the economy to potential GDP? Briefly explain why.
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