Starting from a position of macroeconomic equilibrium at below the full-employment level of real GDP, an increase in the money supply will:
a. raise interest rates, prices, and reduce real GDP.
b. raise interest rates, lower prices, and leave real GDP unchanged.
c. raise interest rates, lower prices, and leave real GDP unchanged.
d. lower interest rates, raise prices, and increase real GDP.
d
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A person is ________ to the degree that he or she is willing to invest time, energy, and his or her sense of self in attaining conventional goals
Fill in the blank(s) with the appropriate word(s).
The tax cuts and entitlement program expansions of the 1980s led to such ________ federal deficits in the 1990s that fiscal policy ________ for smoothing-out business cycle fluctuations
A) small, again became the preferred tool B) small, was all but abandoned C) large, again became the preferred tool D) large, was all but abandoned
The effect on the level of income of a given increase in the money stock is
a. irrelevant to the interest elasticity of money demand. b. greater the lower the interest elasticity of money demand. c. greater the higher the interest elasticity of money demand. d. None of the above
Use the above table. Assuming constant opportunity costs, the opportunity cost of producing a pound of beef in Argentina is
A) 2 gallons of wine. B) 3 gallons of wine. C) 0.5 gallons of wine. D) 0.33 gallons of wine.