Question 7 (1 point) In the situation shown in the below graph what would the Fiscal Policy action likely taken? Panel (a) LRAS SRAS 130 120 Price Level AD2 AD, 0 14.5 15.0 Real GDP per Year (S trillions) Decrease taxes Decrease taxes along with increased government spending Increased government spending All of the above Question 8 (1 point) Crowding-out effect is The tendency of expansionary fiscal policy to cause a decrease in planned investment or planned consumption in the private sector The tendency of decreased fiscal policy to cause a decrease in planned investment or planned consumption in the private sector The tendency of expansionary fiscal policy to cause a increase in planned investment or planned consumption in the private sector The tendency of expansionary fiscal policy to cause a increase in planned investment reducing consumption in the private sector Question 9 (1 point) The below is Tax Revenues Tax Rate GDP Curve Keynesian Curve Laffer curve Phillips Curve