In principle, socialism is:
A. more concerned about fairness than capitalism.
B. less concerned about fairness than capitalism.
C. just as concerned about fairness as capitalism.
D. not concerned about fairness at all.
Answer: A
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Which statement is true?
A. Welfare payments are set by the federal government and are the same for all states. B. Only the industrial states of the northeast, Midwest, and the far west have welfare programs. C. Most people receiving welfare benefits are black. D. Each state sets its own welfare payments.
Real GDP is:
A. the actual GDP that is created in the economy when we consider all items purchased. B. calculated based on goods and services valued at current prices (current at the time of production). C. calculated based on goods and services valued at constant prices. D. useful in clearly seeing changes in prices over time using GDP.
If exports increase, then the aggregate expenditure curve shifts ________ and equilibrium expenditure ________
A) upward; decreases B) upward; increases C) downward; increases D) downward; decreases E) upward; does not change
Use the dynamic aggregate demand and aggregate supply model and start with Year 1 in long-run macroeconomic equilibrium
For Year 2, graph aggregate demand, long-run aggregate supply, and short-run aggregate supply such that the condition of the economy will induce the Federal Reserve to conduct a contractionary monetary policy. Briefly explain the condition of the economy and what the Federal Reserve is attempting to do.