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a .expansionary fiscalpolicy;increasing government expenditureb.contractionaryfiscal policy;
a .expansionary fiscal policy; increasing government expenditure
b.contractionary fiscal policy;
decreasing transfer payments
c.contractionary monetary policy; increasing the tax rate
d.expansionary fiscal policy; increasing personal income tax
e.contractionary fiscal policy; decreasing government expenditure
2.The economy is initially at its long-run equilibrium. A diplomatic dispute with its trading partner countries now leads to a decline in its exports.
a.In the short run, the aggregate demand curve shifts left. In the long run, the price level decreases, the output returns to its potential, and real wages do not change.
