<p><img src=\"https://s3.amazonaws.com/chegg.media.images/board/6dc/6dcccd3a-55c

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<p><img src="https://s3.amazonaws.com/chegg.media.images/board/6dc/6dcccd3a-55c5-463b-a597-fd92be004366-original.png" data-mce-src="https://s3.amazonaws.com/chegg.media.images/board/6dc/6dcccd3a-55c5-463b-a597-fd92be004366-original.png"></p><p><br></p><p>a.<span class="Apple-tab-span"> </span>In the above graph what is the full employment level of RGDP?</p><p><br></p><p><br></p><p>b.<span class="Apple-tab-span"> </span>What is nominal GDP in its current state?</p><p><br></p><p><br></p><p>c.<span class="Apple-tab-span"> </span>Graph the changes to the graph above if taxes were to decrease.</p><p><br></p><p>d. &nbsp; &nbsp; &nbsp;By how much would taxes have to decrease for the economy to return to full employment if the <span class="Apple-tab-span"> </span>MPC is .8?</p><p><br></p><p><br></p><p>e.<span class="Apple-tab-span"> </span>In part 'a' is there a recessionary or inflationary gap?</p><p><br></p><p><span class="Apple-tab-span"> </span></p><p>f. &nbsp; &nbsp; &nbsp;In part 'c', what has happened to the government budget?</p><p><span class="Apple-tab-span"> </span></p><p><br></p><p>g.<span class="Apple-tab-span"> </span>Explain using the equation for aggregate demand what happens when the Federal Reserve <span class="Apple-tab-span"> </span>increases the money supply.</p><p><br></p><p><br></p><p>h.<span class="Apple-tab-span"> </span>Show the effect that a decrease in the money supply would have in the graph in part 'a'.</p><p><br></p><p>i.<span class="Apple-tab-span"> </span>In part 'h' what has happened to the government budget?</p><div><br></div><p><br></p>

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