Problem
1. (Case Study: The Supply-Side Experiment) Explain why it is difficult to determine whether or not the supply-side experiment was a success.
2. (Case Study: Discretionary Fiscal Policy and Presidential Elections) Suppose that fiscal policy changes output faster than it changes the price level. How might such timing play a role in the theory of political business cycles?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.