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19. An economy that is in equilibrium and operating below its full-employment capacity must be experiencing a(n) a. inflationary period b. recessionary gap c. a surplus budget outcome d. market correction e. inflationary gap 20. a. b. c. d. e. What”s the tax multiplier if MPC = 0.75? Part IV Econ 103 21. Given full-employment output = $2,800, equilibrium output = $2,500, and MPS = 0.25, which of the following changes would most likely bring the economy to a fullemployment level of national output? 1) Solve for the equilibrium income of this economy: C = 100 + .8(Y-T) I = 100 G = 100 T = 100 (T = total taxes) 2) What is the MPC? 3) What is the income multiplier? 4) What is the tax multiplier? 5) If the government wants to increase the equilibrium income by 200, what is the necessary increase in G? 6) If the government wants to increase the equilibrium income by 200, but decreasing taxes, how much should the tax cut be?
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