The purchases made by the foreign sector are called __________; the purchases made by the household sector are called __________; the purchases made by the government sector are called __________; and the purchases made by the business sector are called investment
A) net exports; consumption; net interest
B) net exports; domestic spending; government purchases
C) net exports; consumption; government purchases
D) exports; domestic spending; government product
E) imports; consumption; government expenditures
C
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Shoe-leather costs of inflation arise from the
A) increasing costs of apparel (clothes and shoes) as inflation rises. B) decline in the use of money as a unit of account. C) increase of velocity as inflation rises. D) confusion that results from higher inflation. E) increasing costs of agricultural products as inflation rises.
The short-run aggregate supply curve is upward sloping because
A) a lower price level creates a wealth effect. B) lower taxes motivate people to work more. C) money wage rates do not immediately change when the price level changes. D) most business firms operate with long-term contracts for output but not labor.
If the income elasticity of money demand is 3/4 and income increases 8%, by about how much does the price level change?
A) Falls by 6% B) Unchanged C) Rises by 6% D) Rises by 8%
Large increases in agricultural productivity were not the primary reasons for migrating to which area of the nation during the antebellum period?
a. Illinois and Wisconsin b. Indiana and Ohio c. The far west d. Texas and Mississippi