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119) What are the key differences between how we illustrate a contractionary fiscal policy inthe basic aggregate demand and aggregate supply model and in the dynamic aggregatedemand and aggregate supply model?119)Page Ref: 947-948/565-566Learning Outcome: Macro-9: Discuss fundamental approaches to fiscal policy.120) Use the dynamic aggregate demand and aggregate supply model and start with Year 1in a long-run macroeconomic equilibrium. For Year 2, graph aggregate demand,long-run aggregate supply, and short-run aggregate supply such that the condition ofthe economy will induce the president and Congress to conduct contractionary fiscalpolicy. Briefly explain the condition of the economy and what the president andCongress are attempting to do.120)