https://saintpaul.learn.minnstate.edu/content/2022/5949962-20233000162S/discussions2/JumpstartTheEconomy/recovery_act_overview.pdf

Questions Q1. Regarding the aggregate expenditure define or explain: Aggregate expenditures (yaxis) Real GDP (the x-axis) What does the 45-degree line represent What does the potential GDP line represent Q2. Using exhibit 27-15 describe the difference between points L, E, and H in terms of output of the economy and aggregate expenditure. (Meaning what is the relationship of the amount that the economy is using vs. the amount of output that the economy has the potential of producing.) Q3. What happens when an economy is at point H? (Meaning what is the future direction of the economy.) Q4. In 2008 our economy had a significant downturn. In the assignment folder is a link to President Obama's Recovery Act which is a summary of President Obama's 2010 budget. List up to five different programs that are proposed. How would you characterize the budget from the perspective of the concepts covered in chapters 26 and 27? Use the link in the assignment folder titled, \" recovery_a ct_overview. pdf." (You need to be logged in to the online platform and in the assignment folder to find the link.) Q5. Considering what you know about the economy in 2008, and 2009 and using exhibit 27- 16, what was President Obama trying to do? (Your answer should include if he is addressing an inflationary gap or a recessionary gap and using contractionary or expansionary fiscal policy.) Q6. Currently, the economy is experiencing rising energy prices. How does that affect the AS curve? Q7. What does the effect in question six mean in terms of the change in the price level? Q8. How will this affect working families