Each of the following has been a drag on our economic growth, except
A. poverty, drugs, and crime.
B. immigration.
C. our declining savings rate.
D. higher energy costs.
B. immigration.
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Refer to the figure above. What is the change in total revenue due to a price reduction from $6 to $4?
A) The total revenue increases by $300. B) The total revenue decreases by $600. C) The total revenue increases by $200. D) The total revenue increases by $600.
Shortly after World War II (1941–45) and the price controls ended,
(a) unemployment levels returned to those levels experienced during the Great Depression. (b) unemployment levels returned to their full employment levels. (c) unemployment dipped sharply and inflation surged. (d) unemployment rates increased and deflation emerged.
If the government accelerates money supply growth and enlarges the budget deficit to stimulate aggregate demand, the rational expectations hypothesis indicates that decision makers will:
a. ignore the policy until it exerts an observable impact on prices, output, and employment. b. quickly take steps to adjust their decision making in light of the more expansionary policies. c. be fooled at the outset but eventually adjust their decision making in accordance with the change in policy. d. be unaware that this policy change has been implemented until a higher rate of inflation is observed.
If the aggregate demand curve shifts to the left in the short run then the long-run equilibrium will be at a:
A. higher price level and higher level of output. B. higher price level and lower level of output. C. lower price level and same level of output. D. lower price level and lower level of output.