The relationship between the average price of aggregate output and the quantity of aggregate output demanded is:
a. aggregate price.
b. aggregate demand.
c. aggregate investment.
d. aggregate consumption.
b
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The purchase of $1 million of Treasury securities by the Federal Reserve, if there is no change in the quantity of currency, will cause reserves at banks to
A) increase by $1 million. B) decrease by less than $1 million. C) decrease by $1 million. D) increase by less than $1 million.
Which of the following schools of thought believes that the major source of the macroeconomic problems are the disequilibria in the private labor and goods market?
a. Keynesians and new Keynesians b. Only monetarists c. Only new classical economists d. Monetarists and new classical economists e. Monetarists and Keynesians
In the United States, the use of fiscal policy tools to stabilize the economy gained prominence during:
A. the depression era. B. the Kennedy administration. C. the Reagan administration. D. the Clinton administration.
Firms ________ their ________ costs in the short run.
A. cannot change; total B. can change; overhead C. can change; variable D. can change; fixed