In economics, the word "shocks" refers to
A.
Situations where firms' expectations are not met
B.
Any change in the demand for goods and services
C.
Any change in the supply of goods and services
D.
A decrease in real GDP
A.
Situations where firms' expectations are not met
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The multiplier represents the ratio of the total shift in aggregate demand to the
A) initial shift in aggregate demand. B) total shift in long-run aggregate supply. C) initial shift in short-run aggregate supply. D) total shift in short-run aggregate supply.
The Latin term "ceteris paribus" means
A) "obviously true." B) "what is true of the whole is not necessarily true of the parts." C) "false unless proven true." D) "other things remaining the same." E) "after this, therefore because of this."
How much has government spending as a percentage of GDP been in recent decades?
a. 2 percent b. 10 percent c. 20 percent d. 35 percent
If this is a closed economy, how many bikes will be produced? 
A. 50,000 thousand B. 100,000 thousand C. 80,000 thousand D. 20,000 thousand