The utility of a good is:
a. different for different consumers.
b. the same for all consumers.
c. constant no matter how much is consumed.
d. related to the cost of producing it.
e. easily measured.
a
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The aggregate supply curve represents levels of output that producers are willing to sell at
A) each level of the real interest rate. B) each level of real GDP. C) each price level. D) each inflation rate.
Which of the following statements concerning stabilization policy is correct?
A) Increasing government spending during an economic boom would be an example of a stabilization policy. B) Increasing taxes during a recession would be an example of a stabilization policy. C) New Keynesian economists are skeptical of the value of stabilization policies. D) Increasing the money supply during a recession is an example of a stabilization policy.
Active macroeconomic policy would move to close an expansionary gap by decreasing aggregate demand
a. True b. False Indicate whether the statement is true or false
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.