Use the following to answer questions:
Figure: Fiscal Policy I 
-(Figure: Fiscal Policy I) Look at the figure Fiscal Policy I. Suppose that this economy is in equilibrium at E1. If there is a decrease in taxes, _____ will shift to the _____, causing a(n) _____ in the price level and a(n) _____ in real GDP.
Definitions:
Useful Life
The estimated duration over which an asset is expected to be useable by the owner, affecting its depreciation calculations.
Original Estimate
The initial projection or calculation of the cost or duration of a project.
Plant Asset
Long-term physical assets used in the operation of a business that are not intended for resale, such as buildings, machinery, and equipment.
Competitive Advantage
A condition or circumstance that puts a company in a favorable or superior business position compared to its competitors.
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