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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

During the Great Recession of Chapter 30, Problem 50CTQ, During the Great Recession of what actions would have been required of Congress and the President what actions would have been required of Congress and the President had a balanced budget amendment to the Constitution been ratified? What impact would that have had on the unemployment rate?

To determine

To write: Recession and its impact on the unemployment rate.

Explanation

To stimulate the economy, Congress will be unable to increase the government spending without either decreasing the spending in other areas or increasing taxes for stimulating the economy. This is so because during the recession of 2008-09, Congress was also experiencing budget deficit and required funds to pay off its debt. Congress could have done this using contractionary fiscal policy...

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