Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2. In November 2021, President Biden signed into law legislation to spend $1 trillion on repairing the nation's crumbling infrastructure, including roads, bridges, transit systems,

2. In November 2021, President Biden signed into law legislation to spend $1 trillion on repairing the nation's crumbling infrastructure, including roads, bridges, transit systems, and other forms of infrastructure. (Fixing the nation's crumbling infrastructure seems to be a goal of every president; President Trump had proposed similar legislation in early2018).

a. Is $1.9 trillion a big number? Explain how you know.

b. Is President Biden's plan appropriate fiscal policy for the current economic situation (in November 2021, the unemployment rate was over 6%)? Explain your answer in terms of Aggregate Demand-Aggregate Supply.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essays In Economic Sociology

Authors: Max Weber, Richard Swedberg

1st Edition

0691218161, 9780691218168

More Books

Students also viewed these Economics questions

Question

3. It is the commitment you show that is the deciding factor.

Answered: 1 week ago