Refer to Figure 4.7. You will receive a payoff of +5 points if you ask for points and so do ________ of your classmates
A) 3
B) 5
C) 7
D) both A and B
A
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Utility is:
a. the cost associated with an additional unit of product. b. the satisfaction obtained from a good or service provided. c. the value that a third party places on a good or service. d. the price that a seller places on a good or service being provided.
Classical theory advocates ________ policy and Keynesian theory advocates ________ policy
a. fixed wages; flexible wages b. nonintervention; intervention c. active; nonstabilization d. active; passive
Starting from long-run equilibrium, a decrease in autonomous investment results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; higher C. higher; potential D. lower; higher
An inflation rate above the target rate will result in:
A. a movement up along the monetary policy reaction curve and a rightward shift of the dynamic aggregate demand curve. B. a movement up along the monetary policy reaction curve and a leftward shift of the dynamic aggregate demand curve. C. a movement up along the monetary policy reaction curve and a movement up the dynamic aggregate demand curve. D. a movement down along the monetary policy reaction curve and a movement down the dynamic aggregate demand curve.