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Identify each of the following as (i)part of an expansionary fiscal policy,(ii)part of a contractionary fiscal policy,or (iii)not part of fiscal policy.
a.The personal income tax rate is lowered.
b.Congress cuts spending on defense.
c.College students are allowed to deduct tuition costs from their federal income taxes.
d.The corporate income tax rate is lowered.
e.The state of Nevada builds a new tollway in an attempt to expand employment and ease traffic in Las Vegas.
Demand Curve
A diagram displaying the connection between a product or service's price and the amount requested over a specified timeframe.
Price Elasticity
A gauge of the responsiveness of the amount of a product desired to alterations in its cost, reflecting demand's sensitivity to changes in price.
Revenue
The comprehensive total of money a firm collects from offering goods or services in a pre-determined period.
Total Revenue
The total amount of money a company receives from its business activities, calculated by multiplying the price of goods or services by the number of units sold.
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