Economic growth can be shown by ____________________ production possibilities curve.
A. an outward shift of the
B. an inward shift of the
C. a movement from one point to another along the
D. a movement to a point inside the
A. an outward shift of the
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
In the Keynesian model, fluctuations in aggregate spending cause:
A. enhanced labor market mobility. B. changes in potential output. C. recessions and expansions. D. changes in average labor productivity.
Creative destruction is least beneficial to:
A. workers in the "destroyed" industries. B. workers in the "created" industries. C. consumers. D. society as a whole.
A change in the price of a good causes
A) an increase in supply. B) a decrease in supply. C) an increase in demand and a decrease in supply. D) a change in quantity supplied.