Macroeconomics is the study of economy-wide phenomena
a. True
b. False
Indicate whether the statement is true or false
True
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The global economy enters a recession, thereby decreasing the level of U.S. exports. If the aggregate supply curve does not shift, then aggregate demand will ________, real GDP will ________, and the price level will ________
A) increase; increase; remain the same B) increase; remain the same; increase C) decrease; increase; increase D) decrease; decrease; decrease E) remain the same; increase; increase
Monetizing the deficit contributes to the inflationary pressures that are already present in the economy.
Answer the following statement true (T) or false (F)
Which of the following is the best indicator of the performance of the national economy?
a. The budget deficit of the federal government b. The stock of capital goods (machinery) in the nation c. The nation's stock of money d. The balance of trade with other nations e. The value of the final goods and services produced in the nation
If wages decrease and workers choose to work more hours or more shifts, their behavior is evidence of
a. the substitution effect. b. the income effect. c. rational expectations. d. rational ignorance.