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The desired fiscal restraint is equal to

Given AD2 and AS1, the equilibrium price level in Figure 8.3 is

Stagflation is the result of

With respect to the aggregate demand curve, improved consumer confidence would

When the Federal Reserve System buys bonds in the open market, the national debt

Keynes believed that a market-driven economy was inherently unstable.

Ceteris paribus, tariffs and nontariff barriers on imported factor inputs result in

The national debt is

Refer to Figure 16.2. For the given Phillips curve, an increase in aggregate demand, ceteris paribus, could cause a

A basic conclusion of Keynesian analysis is that