Because monetary stimulus overwhelmed fiscal contraction in the United States during the 1992- 2000 period,
a. real GDP grew.
b. real GDP decreased.
c. the rate of inflation increased.
d. the budget deficit increased.
a
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Which of the following increases the quantity supplied of good X but does NOT increase the supply of good X?
A) a fall in the price of a factor production used to produce X B) an advance in the technology for producing X C) an increase in the price of good Y, a complement in the production of X D) an increase in the price of X
Which of the following lies primarily within the realm of microeconomics?
a. an empirical analysis of the relationship between the growth of the money supply and the rate of inflation b. an economic model forecasting the impact of a tax increase on consumer spending and national output c. a study of supply and demand conditions in the market for orange juice d. a model forecasting the impact of a change in interest rates on the level of investment in the economy
Positive economics deals with
a. theories about improving people's self-esteem b. practical ways of improving people's self-esteem by making money c. opinions that affirm economists' theories d. statements about the way things ought to be e. statements of fact