Grossmont Cuyamaca Community College District The Recessionary Gap Essay

Help me study for my Economics class. Im stuck and dont understand.

Option A: After reading Chapter 8 in the textbook and the lecture notes posted in Module #4, describe the correct sequence of events that occurs when the government of a nation that was originally in equilibrium raises its personal income tax rates. Be sure to mention which curve (AD or SRAS) shifts, which way that curve shifts and the impact that it would have on the nation’s price level and Real GDP.

Option B: After reading Chapter 9 in the textbook and the lecture notes posted in Module #4, explain the correct sequence of events that occurs once the economy is in a recessionary gap to move the economy to long-run equilibrium (full employment), assuming the economy is self-regulating.

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