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Please type out the correct option with step by step proper explanation within 40 min. And give explanation of each option . I'll give upvote only for correct answer and execution .
( Thank you )
Suppose the economy is at the full employment equilibrium. The Government of Canada increases the tax rates. All else the same, this causes
Select one:
A. both short-run and long-run
B. short-run GDP to decrease and the price level to rise.
C. both short-run and long-run GDP to increase and the price level to fall.
D. both short-run GDP and the price level to rise.
E. both short-run GDP and the price level to fall.
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- Question 20 Revisit Later Q. "The National Statistical Office, which is under the Union Ministry of Statistics & Programme Implementation, has released its estimates for gross domestic product (GDP) in the first quarter (Q1) of this fiscal year, 2022-23. The headline is that GDP at constant prices in the first quarter showed 13.5 per cent growth year on year. This is a deceptively high level, given the base effect." The following options are given to explain why this number is deceptively high. i. Most expectations were for quarterly GDP growth in the 15-16 per cent range year on year. ii. Given the base effect, the growth rate of 13.5 percent is in fact a clear disappointment. iii. It needs to be remembered that the equivalent quarter of the previous year, April-June 2021, was when the devastating second wave of the coronavirus epidemic was raging through the country. iv. Even though there was no national lockdown as draconian as that observed during the first wave in 2020, activity…(d) Suppose government spending increases by some amount AGo to become Go+AGo. Show the change in Y and C as a response to this increase in spending.Using graphical illustration of AS-AD framework, show the effects of following events on real output and price level in the economy. (A) A wave of immigration increases the labor force. (B) An earthquake destroys some of the capital stock. (C) A technological advance improves the production. (D) The government raises taxes by $100 billion. (E) Government announces an interest rate cut to encourage business investmen
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