Congress might lower taxes if the economy appears to be in:

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Joshua StredderLv10

26 Mar 2021

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Related questions

Congress might lower taxes if the economy appears to be in a:

a. period of expansion

b. recessionary period

c. period of increased employment

d. period of increasing GDP

peachgrasshopper627

Assume an open, mixed economy. That is, foreign trade is part of the economy, and the economy includes both a public (government) and a private (consumers and businesses) sector. Given this, aggregate demand is expressed as (C + I + G + X). Assume the MPC is 0.7. Assume a stimulus package of $100 billion has been approved by Congress and the money has been spent. In order to pay for those expenditures, Congress also approved a $100 billion increase in individual income taxes. Will these actions by Congress expand or contract the economy or are they just useless actions? Get started early and work with your class members to solve this problem.