Mid_term_test_Wissink

Mid_term_test_Wissink - Before the Break test Wissink...

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Before the Break test Wissink sections Econ 002 March 12 Choose the best answer….. _____Fiscal drag is a. the revenue and expenditure items in the federal budget that automatically change with the state of the economy in such a way as to stabilize GDP. b. the negative effect on the economy that occurs when average tax rates increase because taxpayers have moved into higher income brackets during an expansion. c. what the federal budget would be if the economy were producing at a full-employment level of output. d. the deficit that occurs because of a downturn in the business cycle. _____The structural deficit is a. the deficit that remains at full employment b. the revenue and expenditure items in the federal budget that automatically change with the state of the economy in such a way as to stabilize GDP. c what the federal budget would be if the economy were producing at a full-employment level of output. d. the deficit that occurs because of a downturn in the business cycle.
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