Exhibit 17-1 Aggregate Demand and Supply Model

question 18

Multiple Choice

Exhibit 17-1 Aggregate demand and supply model

-Beginning at equilibrium E₁ in Exhibit 17-1,when the government increases spending or cuts taxes the economy will experience:

• A)an inflationary recession.
• B)stagflation.
• C)cost-push inflation.
• D)demand-pull inflation.
• E)steady state.

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