During the Civil War, inflation caused U.S. prices to rise by roughly:
a. 12 percent.
b. 32 percent.
c. 54 percent.
d. 76 percent.
d. 76 percent.
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Under the kinked demand curve model, a small increase in marginal cost will lead to
A) an increase in output level and a decrease in price. B) a decrease in output level and an increase in price. C) a decrease in output level and no change in price. D) neither a change in output level nor a change in price.
Suppose the actual and expected price levels in an economy are initially equal. However, the actual price level becomes higher due to some change in economic conditions. Which of the following will occur eventually?
a. The economy will move rightward along the short-run aggregate supply curve. b. The economy will move leftward along the short-run aggregate supply curve. c. The short-run aggregate supply curve will shift to the right. d. The short-run aggregate supply curve will shift to the left. e. The short-run aggregate supply curve will become flatter.
Automatic stabilizers are government programs that tend to push the federal budget toward surplus as the real GDP rises and toward deficit as the real GDP falls
a. True b. False Indicate whether the statement is true or false
If a German firm produces cars in the United States, that production should count towards
A) U.S. GNP. B) German GDP. C) U.S. GDP. D) both U.S. GNP and German GDP.