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In Year 1, the full-employment budget showed a deficit of $100 billion and the actual budget showed a deficit of $150 billion.In Year 2, the full employment budget showed a deficit of $75 billion and the actual budget showed a deficit of $100 billion.Based on the data, what can be concluded about the direction of fiscal policy and the performance of the economy between Years 1 and 2?
Supply Curves
Graphical representations showing the relationship between the price of a good and the quantity of that good that suppliers are willing and able to sell, holding other factors constant.
Long Run
A period in economics in which all factors of production and costs are variable, allowing all inputs to be adjusted.
Perfectly Inelastic
A situation where demand does not change at all in response to changes in price.
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a certain price over a specified period.
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