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What are the major components of government outlays? What are the major sources of government revenues? Explain how fiscal policy affects the overall economic activity.
1. Real GDP is a measure of the economy's
A) unemployment level.
B) output level.
C) stock market level.
D) inflation rate.
2. The two major macroeconomic policies of the government are
A) fiscal policy and industrial policy.
B) monetary policy and tariff policy.
C) foreign policy and defense policy.
D) fiscal policy and monetary policy.
