A) Adam Smith
B) Karl Marx
C) John Maynard Keynes
D) Milton Friedman
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Multiple Choice
A) will increase the price level.
B) will decrease the price level.
C) will not affect the price level.
D) will not affect output.
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True/False
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True/False
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Multiple Choice
A) income
B) substitution
C) interest rate
D) multiplier
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Multiple Choice
A) must always intersect at full employment.
B) can intersect at output levels below full employment.
C) must intersect at output levels above full employment.
D) can never lead to deflation.
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True/False
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Multiple Choice
A) input prices rise.
B) subsidies are reduced.
C) there is a decrease in firms' market power.
D) business expectations tend toward the negative.
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Multiple Choice
A) income effect.
B) substitution effect.
C) wealth effect.
D) interest rate effect.
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True/False
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True/False
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Multiple Choice
A) Equilibrium output is $3,000 worth of goods and services.
B) An increase in aggregate demand would lead to deflation.
C) Full employment occurs when the economy produces $3,000 worth of goods and services.
D) In the short-run equilibrium, output can be greater than or less than $3,000.
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Multiple Choice
A) there is a movement down along the aggregate demand curve.
B) the aggregate demand curve shifts to the left.
C) there is a movement up along the aggregate demand curve.
D) the aggregate demand curve shifts to the right.
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Multiple Choice
A) when prices are fixed
B) when prices are flexible
C) when the government borrows from its citizens to cover increased deficit spending
D) when the government has a balanced budget
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True/False
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True/False
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Multiple Choice
A) a period long enough that participants in the economy will have enough time to gain all relevant information but not enough time to act correctly on that information.
B) the same period accountants use to measure long-term assets and liabilities.
C) a period long enough that participants in the economy will have enough time to gain all relevant information and enough time to act correctly on that information.
D) a period long enough that participants in the economy will have enough time to act correctly on all relevant information but not enough time to collect all of it.
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Multiple Choice
A) shifts to the right.
B) shifts to the left.
C) remains unchanged.
D) does not shift, but there is movement up along it.
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Multiple Choice
A) an increase in the minimum wage
B) an increase in immigration from other countries
C) an increase in the price of oil
D) an increase in the actual price level
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Multiple Choice
A) spending multiplier
B) marginal propensity to consume
C) marginal propensity to save
D) spending multiplier, the marginal propensity to consume, and the marginal propensity to save
Correct Answer
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