The study of aggregate economic activity for the economy as a whole is
A. Opportunity cost.
B. Scarcity.
C. Microeconomics.
D. Macroeconomics.
Answer: D
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Money ________
A) is always composed of coins and paper B) loses its value as it becomes older C) requires a double coincidence of wants D) is any commodity that is generally acceptable as a means of payment
The biggest single factor affecting household income is the householder's age
Indicate whether the statement is true or false
Refer to Figure 26-7. Suppose the Fed sells Treasury Bills in pursuit of contractionary monetary policy. Using the static AD-AS model in the figure above, this situation would be depicted as a movement from
A) B to C. B) C to B. C) B to D. D) C to D. E) A to B.