(e) Define the term crowding out. What happens to the private-, government- and national savings when government spending increases and taxes are unchanged.
2. (5 points) Write one page summary of the article “Oil Prices, Exhaustible Resources, and Economic Growth” by James. D. Hamilton. Your summary should be typed up. Use 12- point font with 1-inch margins. Make sure to proof read your article. If necessary, use the writing center before submitting your homework.
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