A supply schedule shows the relationship between:
A. demand and supply.
B. supply and income.
C. price and income.
D. quantity supplied and price.
Answer: D
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Assuming the economy is represented by the graph shown, if the government were to enact a partially successful expansionary fiscal policy, it would be most likely to:
A. move from equilibrium A to B.
B. move from equilibrium B to A.
C. cause unemployment to temporarily increase.
D. cause deflation.
When economists speak of changes in GDP measured in constant dollars, they mean that
a. money GDP is constant. b. the price level is constant. c. a price index has been used to adjust money GDP for the effects of inflation. d. the growth rate of money GDP has been adjusted for changes in population.
If the price of inputs rises and personal income taxes rise:
a. Price index falls, and real GDP rises. b. Price index falls, and real GDP falls. c. Price index falls, and the change in real GDP is uncertain. d. The change in price index is uncertain, and real GDP rises. e. The change in price index is uncertain, and real GDP falls.
Other things the same, when the price level falls, interest rates
a. rise, so firms increase investment. b. rise, so firms decrease investment. c. fall, so firms increase investment. d. fall, so firms decrease investment.