When OPEC caused the price of oil to rise in the early 1970s, the:
a. aggregate supply curve shifted to the right.
b. aggregate supply curve shifted to the left.
c. aggregate demand curve shifted to the right.
d. aggregate demand curve shifted to the left.
e. price level in the economy fell.
b
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Recent U.S. budget deficits have arguably been financed by foreigners; if it were not for foreign __________ of Treasury securities, U.S. interest rate would be much __________
A) sales; higher B) sales; lower C) purchases; higher D) purchases; lower
According to Keynesian economists, monetary policy is __________ effective at changing the price level and Real GDP
A) always B) sometimes C) never D) There is no Keynesian position with respect to monetary policy.
In terms of microeconomic analysis, what is the function of "utils"?
A. a measurement of utility B. applies to changes in income C. a form of budget constraint D. relates to a consumers original choice
Banks act as:
A. an organizer among firms in a specific market. B. a negotiator for buyers. C. intermediaries between borrowers and savers. D. informants to various buyers about prices and contracts.