Table 27-4
-Refer to Table 27-4. Consider the hypothetical information in the table above for potential real GDP, real GDP and the price level in 2013 and in 2014 if the Congress and the president do not use fiscal policy. If the Congress and the president use fiscal policy successfully to keep real GDP at its potential level in 2014, which of the following will be lower than if the Congress and the president had taken no action?
Definitions:
Equity
Fair treatment and fairness in opportunity, distribution of resources, and recognition within an organization or society.
Social Responsibility
The obligation of individuals, groups, or organizations to act for the benefit of society at large, considering the impact of their activities.
High Status Persons
Individuals who hold a position of power, prestige, or high social standing within a group or society.
Communication
The process of exchanging information, ideas, thoughts, and feelings between people through speech, writing, visuals, or behavior.
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