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Once supply side effects are taken into account, tax cuts for labor income can change
i.the supply of labor
iii.the growth rate of potential GDP
Which of the following is a limitation of discretionary fiscal policy?
i. law-making lags
ii. estimating potential GDP
iii. income gap
The use of discretionary fiscal policy is hampered by
i.difficulty of estimating the level of potential GDP
ii.lack of accuracy of ecoomic forecasts
iii. the small impact tax cuts and increases in government expenditure have on aggregate demand
President Reagan often stated he preferred supply side policies. Which of the following federal government policies would be considered supply side?
i.decrease the quantity of money
iii.lower the interest rate
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