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In an effort to balance the federal budget, an increase in social security taxes is passed. what is the most likely effect of this on equilibrium gdp?

In an effort to balance the federal budget, an increase in social security taxes is passed. what is the most likely effect of this on equilibrium gdp?
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In an effort to balance the federal budget, an increase in social security taxes is passed. what is the most likely effect of this on equilibrium gdp?

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User Rtviii
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1 Answer

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A decrease in consumption and a decrease in GDP is likely to happen. The GDP is known as the gross domestic product. This is a monetary measure of the market value of all final goods and services that are produced over a time period.
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User AldoT
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