Inflation and aggregate demand

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1. B. Productive resources are limited

2. B. A comparison of marignal benefits and marginal costs in decision making

3. B. If the marginal benefit of the movie exceeds its marginal cost

4. A. Scarcity and opportunity costs

5. C. The temperature is 92 degrees today.

6. D. That more output could be produced with the available resources

7. This economy will experience unemployment graph  B. B

8. Starting at point E graph bread production C. 1/8,1/6

9. D. A technological advance that allows farmers to produce more output from GU

10. C. The relationship will graph as an upsloping line

11. A. Canada

12. A. The division of output is decided by central planning rahter than by individual

13. C. Competition

14. D. Encourages innovation because successful innovators are rewarded with

15. A. Goods and services that are profitable

16. D. Through the profit potential that encourages development of new tech

17. B. Workers, managers, and entrepreneurs

18. B. Land, labor, capital, and entrepreneurs

19. C. Marthas has a lower tolerance

20. D. Tends to be done poorly because decision makers are insulated

21. C. growth of real GDP per capita

22. C. 14 Years

23. B. Modern economic growth is characterized by sustained

24. D. Encourages growth by promoting the rapid spread

25. A. An outward shift of the production

26. A. increase in productivity

27. C. Labor productivity must be $.50

28. D. Technological advance

29.  D. The percentage of married women in the workforce

30. C. An increase in the size of the labor force

31. A. The price of the product itself

32. A. Price

33. D. A and B are complementary goods

34. C. consumer preferences have changed in favor of A

35. C shift from D2 to D1

36. C. Shift from S2 to S1

37. A. Producers will offer more of a product at high prices

38. D. Some firms leaving an industry

39. A. $1.00 and $2.00

40. C. If the amount producers want to sell is equal to the amount consumers want


1. A. Negative externality

2. D.  costs more to produce than it provides in benefits

3.  C. A consumer surplus of $9

4. A. The areas of consumer and producer surplus nescessarily equal

5. B. The maximum willingness to pay for the last unit of ouput

6. A. A weather warning system

7.  B. Private firms cannot stop consumers who are unwilling to pay

8. C. Marginal benefit equals marginal cost

9. D. Compare the benefits and costs associated with any economic

10. C. Markets can produce inefficient outcomes

11. C. The economy as a whole.

12. D. Short-run fluctuations in output and employment.

13. B. Value of final goods and services produced within borders

14. A. Nominal GDP uses current prices and thus may over

15. B. A person cannot get a job but is willing to work

16. A.  an increase in the ovrall level of prices

17. B. Rates of population  growth virtually matched rates

18. C. Current income exceeds current spending

19. C. Promote economic growth by helping to direct household

20. C. A dramatic increase in energy prices increases production

21. C. GDP in 2010 is $500 billion

22. C. In dollar amounts and percentage growth

23. A. A haircut purchased by a father for his 12 year old son

24. B. Nick busy $5000 worth of stock in microsoft

25. D. Total investment less the amount of investment goods used up

26. D. Gross domestic investment exceeds depreciation

27. C. Consumer durable goods, consumer nondurable, and services

28. B. The purchase fo a new house.

29. D. $210 billion.

30. B. $121

31. B. The long-term expansion or contraction of business

32. A. Expansion

33. B. $102 million

34. C. Not in the labor force

35. D. Employed

36. A. The economy achieves its potential output

37. C. Prices on average are rising, although some particular prices

38. A. 8-9 years

39. A. Occurs when total spending in the economy is excessive

40. A. Is self-limiting.

1. B. Change in income that is spent

2. A. Consumption to the level of disposable income

3. B. Consumption/income

4. C. Greater than zero but less than one

5. C. Consumpiton exceeds income

6. B. The percentage increase in purchasing power that the lender

7. D. More variable than real GDP.

8. A. Investment demand schedule

9. A. The slope of the consumption schedule or line

10. D. Specific level of total income that is consumed

11. A. Prices are fixed

12. A. Actual investment

13. A. At all levels of GDP.

14. C. Injections and leakages

15. A. Sa+M+T=lg+X+G

16. A. The amount by which the full-employment GDP exceeds

17. D. Is the price that the currencies of any two nations exchange

18. B. 3110

19. B. Unplanned decreases in inventories of $10 billion

20. C. aggregate expenditures and real GDP are equal

21. C. Downsloping because of the interest rate, real balances

22. B the foreign purchases effect

23. C. Shows the various amounts of real output

24. D. The aggregate demand and supply curves intersect.

25. C. Ratchet effect

26. A. Netiher economic growth nor unemployment responded

27. B. Explain shifts in the aggregate demand curve

28. A. A change in the price level

29. C. Rightward by $50 billion at each price level

30. D. Multiplier effect

31. B. Subtracting government tax revenues from government spending

32. C. Budget surplus

33. D. Fiscal policy swung from contradictory to expansinary in 2002

34. B. Increases in government spending financed through borrowing will

35. C. The federal government owes to holders of US securities

36. A. The US public

37. C. Crowding out effect

38. A. Bankruptcy of the federal government

39. B. Deficits during recessions and surpluses during periods of

40. C. Is aimed at reducing aggregate demand and thus achieve

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