Examlex
Suppose real GDP is currently $12.5 trillion and potential real GDP is $13 trillion.If the president and the Congress increased government purchases by $500 billion,what would be the result on the economy?
Tax
Mandatory financial charge or some other type of levy imposed upon a taxpayer by a governmental organization.
Tax Cuts
Reductions in the amount of taxes that individuals or corporations are required to pay to the government.
Tax Revenue
The monetary gains that are acquired by governments from taxation.
Arthur Laffer
Arthur Laffer is an economist known for the Laffer Curve, which posits that there is an optimal tax rate that maximizes revenue without discouraging economic activity.
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