Calculate the values for the recessionary or inflationary gaps for each of the four cases in the following table.
Answer to relevant QuestionsCalculate both the tax revenue required to gen erate the surplus budget shown and the change in national income that will result in each of the three cases in the following table. What is meant by technological change? How does it affect labor productivity? Give an example. What is "near" money? What is the significance of calling the deposits you make in your checking account demand deposits? When the Fed sells government bonds, the nation's money supply decreases. Explain how this works. To illustrate, you can construct your own bank transactions and changes in the assets and liabilities of the Fed and of banks.
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