Figure 11.2 shows the relationship between the price level and real GDP. Suppose the economy is currently at e'. If the government implements a contractionary fiscal policy, the economy would land up at:
Definitions:
Mens Rea
A legal term from Latin meaning "guilty mind"; it denotes the mental state or intent a person must have at the time of committing a crime for it to be intentional.
Actus Reus
The physical act or unlawful omission that constitutes the execution of a crime, as opposed to the mental intent to commit it.
M'Naghten Test
A legal criterion for determining insanity, which holds that a defendant is not responsible for their criminal actions if, due to a mental disorder, they did not understand the nature of their acts or did not know right from wrong.
Criminal Case
A legal proceeding against an individual or entity accused of committing a crime.
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