The basics of the welfare state in the United States started as part of:
A. reparations after WWI in the late 1910s.
B. the Bretton Woods plan after WWII in the 1940s.
C. the New Deal legislation in the 1930s.
D. the Great Recession Recovery and Aid Acts in the 2000s.
C. the New Deal legislation in the 1930s.
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Real consumption is a function of real disposable income, but the simple Keynesian model uses real GDP instead of real disposable income. This is appropriate since
A) we cannot measure either exactly and the purpose of the exercise is theoretical only. B) real disposable income tends to move proportionately with real GDP. C) real disposable income is a fixed percentage of real GDP. D) real GDP is a fixed percentage of real disposable income.
Increasing the federal budget deficit will contribute to increasing the federal government debt
Indicate whether the statement is true or false
In the long run, does it matter whether a policy action was anticipated or not?
What will be an ideal response?