Guaranteed benefits under government programs such as Social Security or Medicare are called
A) controllable expenditures. B) entitlements.
C) automatic stabilizers. D) discretionary spending.
B
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Which of the following is NOT associated with the new Keynesian economics?
A) small-menu cost theory B) market-clearing models to explain business cycles C) inflation dynamics D) sticky-price theories of real GDP determination
If with a small decrease in the price of a good, the quantity supplied falls to zero, the supply of the good is said to be:
A) unit elastic. B) inelastic. C) perfectly inelastic. D) perfectly elastic.
If aggregate supply is upward sloping, an increase in aggregate demand will result in:
A. An increase in prices and a decrease in output. B. An increase in prices and an increase in output. C. A decrease in prices and a decrease in output. D. A decrease in prices and an increase in output.
Refer to the information provided in Figure 2.2 below for the economy of Microland to answer the question(s) that follow.
Figure 2.2Refer to Figure 2.2. Full resource employment and production efficiency is represented by a point
A. inside the production possibility frontier. B. along the production possibility frontier. C. either inside or along the production possibility frontier. D. outside the production possibility frontier.