Question

If there is an increase in the price of oil and the Federal Reserve wants to maintain output stability, it should


If there is an increase in the price of oil and the Federal Reserve wants to maintain output stability, it should 

  • decrease taxes 

  • sell bonds 

  • buy bonds 

  • more than one answer is correct 

  • increase taxes 

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Answer #1

Option 4: more than one answer is correct

decrease taxes and buy bonds

Increase in oil price causes general price level to rise and output to fall. This condition is known as stagflation characterised by leftward shift in the aggregate supply curve. To maintain output stability Federal should look to shift the aggregate demand curve to the right to restore the output level. This can be done by reducing taxes or buying bonds through open market operations. Reducing taxes would leave public with greater disposable amount and hence demand will increase. Buying bonds will increase the money supply and here also public will be left with greater amount in hand, which will boost the consumption expenditure in the economy. Both of the cases will cause aggregate demand curve to shift to the right.

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