Contractionary monetary policy causes ________
A) real output to rise B) the aggregate price level to fall
C) the aggregate price level to rise D) real interest rates to fall
B
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In the United States, as measured by real GDP per person, average income is about how many times as high as average income a century ago?
a. 2 b. 4 c. 6 d. 8
Which of these is one of the major reasons for rapid increases in health care spending in the United States?
A. A decrease in the number of malpractices among doctors. B. Advances in medical technology and new prescription drugs are higher cost. C. There are high rates of labor productivity growth in health care.
Refer to the figure above. What is the maximum possible social surplus?
A) $100 B) $150 C) $225 D) $375
When the U.S. dollar appreciates relative to the British pound, ceteris paribus, then ______.
a. U.S. consumers need a greater number of dollars to buy a given number of British pounds b. British consumers find that U.S. goods are less expensive in terms of their own currency c. the British pound appreciates relative to the U.S. dollar d. the relative price of British goods decreases for U.S. consumers