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Determining the corresponding numbers

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Reference no: EM131091677

The price level will increase by

a) 2% or less

b) more than 2% but not more than 3%

c) more than 3% but not more than 4%

d) more than 4%

Suppose that last year consumption was $570 billion, tax receipts were $240 billion, and income was $900 billion. The corresponding numbers for this year are $600 billion, $250 billion and $950 billion.

Reference no: EM131091677

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