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when the government is receiving more in taxations than what it is spending.
when workers are employed but working fewer hours than they would like or underusing their skills
what is a fiscal policy?
when the government changes tax or government spending to influence the economy
what is a contractionary monetary policy
when the MPC increases interest rates
what is an expansionary monetary policy
when the MPC decreases interest rates
what is an expansionary fiscal policy
when the government decreases taxation and increases government spending
negative output gap
when actual GDP is below potential GDP
examples of what affects interest rates
positive output gap
when actual GDP is above potential GDP
what does the Keynesian positive output gap look like?
there is no positive output cap on the Keynesian diagram because they can't go past the potential output in the long-run
when the government is spending more than what it is receiving in taxation
what are some examples of fiscal policies
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