Question 21Check all of the following that pertain to fiscal policy.Federal ReserveTax ratesTax revenuePresident and Congressgovernment regulations2.5 points Question 22Check each of the following that apply to the Classical theory.Became popular following “The General Theory” in 1936was advocated for by Milton Friedmanwas advocated for by Adam Smithno self-correcting economyhas a horizontal AS curvesupply-side economicsSay’s Law2.5 points Question 23Check all of the following that pertain to fiscal policy.Decreasing T and increasing G in a recessioninherently a Keynesian ideaIncreasing T and decreasing G in an overheated economymust be voted on by Congress and approved by president2.5 points Question 24With an MPS of .25, an initial increase of taxes of $10 billion leads to a total decrease of $___billion in income.2.5 points Question 25The AD curve slopes downward due to the ____ (check all that apply)substitution effectincome effectinternational effectinterest rate effect2.5 points Question 26If Savings = Investment, the economy must be in a recession. True False2.5 points Question 27Check all of the following that are supply-side arguments for reducing tax rates.increases in ASincreases in incentives to work morean expanded tax baseeventually an increase in tax revenue2.5 points Question 28Check all of the following that are advantages of fiscal policy.always fixes the economic problemcan target specific groups or different parts of the economymay alleviate the economic problemmakes Steven Manley happy.2.5 points Question 29Monetarism is a revised form of the classical theory proposing the appropriate growth of the money supply is equal to the growth rate of Real GDP. True False2.5 points Question 30Check each of the following that apply to the Classical theory.increase ASincreases in AD follow increases in ASvertical portion of AS curveLaissez-fairehas Consumption and Investment as only injectionsSavings = Investment
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(answered) – 1. This writer revitalizes tribal understandings A)…