Starting at full employment (RGDPNR),
a. expansionary monetary policy can potentially result in increased real output, but only in the short run
b. expansionary monetary policy can potentially result in increased real output in both the short run and long run.
c. contractionary monetary policy can potentially result in increased real output, but only in the short run.
d. contractionary monetary policy can potentially result in increased real output in both the short run and long run.
a
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An increase in the price of a particular good, with all other variables constant, causes
a. a movement along a given supply curve to a lower quantity supplied b. a shift to a different supply curve with lower quantities supplied c. a movement along a given supply curve to a higher quantity supplied d. a shift to a different supply curve with higher quantities supplied e. no movement along a given supply curve unless demand also changes
Macroeconomists are able to study the entire economy by
a. ignoring much of the data available in order to reduce the number of markets that need to be studied b. studying only a few markets at a time c. simply adding up all the prices and quantities in individual markets d. aggregation which reduces the number of markets that need to be studied e. dividing total output by the number of markets
According to the open-economy macroeconomic model, if the United States moved from a government budget deficit to a government budget surplus, U.S. real interest rates would increase and the real exchange rate of the U.S. dollar would appreciate
a. True b. False Indicate whether the statement is true or false
How could Adam Smith's comment about the butcher, the brewer, and the baker be accurately rephrased in modern terms?
A) The butcher, the brewer, and the baker give us our dinner because they want to be well liked in the community. B) The butcher, the brewer, and the baker give us our dinner because they will be sued if they don't do so. C) The butcher, the brewer, and the baker give us our dinner because they each earn a living by doing so. D) The butcher, the brewer, and the baker give us our dinner because they view doing so as a public service.