Refer to the information provided in Table 23.7 below to answer the question(s) that follow. Table 23.7
Refer to Table 23.7. If aggregate output equals ________, there will be a $100 billion unplanned decrease in inventories.
A. $200 billion
B. $400 billion
C. $600 billion
D. $800 billion
Answer: C
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In the above figure, the economy is currently at point A. Suppose that the money wage rate and the price level both fall by 10 percent. Firms will be willing to supply output equal to
A) less than $16.0 trillion. B) $16.0 trillion. C) more than $16.0 trillion. D) Without more information, it is impossible to determine which of the above answers is correct.
A local fast-food restaurant mails out coupons for a free sandwich to every home in the community. The opportunity cost of redeeming the sandwich for someone who was on a diet might be:
A. lost wages due to spending time in a long line instead of eating a Healthy Choice meal in your office. B. not eating because you are on a "get fit for the summer" diet plan. C. eating a "Tough Man's Burger," which is one of your favorite fast food options. D. There was no opportunity cost for the sandwich because it was free.
When people hold a specific quantity of money during a specific time period because they expect to use the money to buy a specific value (price times quantity) of goods, we refer to that money holding as satisfying their
a. precautionary demand for money b. liquidity demand for money c. saving demand for money d. speculative demand for money e. transactions demand for money
If the inflation that results from targeting unemployment becomes unacceptably high, low inflation can be restored
Lower inflation can be obtained by ________ the growth rate of aggregate demand, by ________ money growth, and by________ interest rates. A) lowering; accelerating; raising B) raising; slowing; raising C) lowering; slowing; raising D) lowering; accelerating; lowering E) lowering; slowing; lowering