08 Jun Question 1. Suppose the government lower the income
Question
1. Suppose the government lower the income tax rate during the recession, how would this affect the aggregate demand, interest rate, output, and employment, UNDER THE FOLLOWING MODELS. Using aggregate demand and aggregate supply curve, and loanable funds market model if necessary, to illustrate your answer.
a) Keynesian model
b) Crowding out model
c) Newclassical model
d) In the long run, when people have the time to adjust the distribution of resource, how will this policy affect the supply side. Using
aggregate demand and aggregate supply curve to illustrate your answer
2. During the great recession 2008, the Bush administration and Democratic congress passed legislation sending households a check for $600 for each adult.
If everyone is willing to spend $400 dollars out of this $600 on their everyday consumption. What is the expenditure multiplier? Did this policy work as the
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