The axes for the short-run aggregate supply curve are:
A. real output and the price level.
B. inflation and real output.
C. real output and unemployment.
D. unemployment and inflation.
Answer: A
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An example of a non-discretionary fiscal policy is:
a. Legislation passed to improve U.S. roads and bridges. b. Increased U.S. defense spending after the September 11, 2001 terrorist attacks. c. Fixed income tax rates. d. All of the above. e. None of the above.
The optimal level of employment for a monopsonist is set at the point where the
A. marginal factor cost equal to the MRPL. B. supply of labor equals the marginal factor cost. C. wage rate equals the VMPL. D. wage rate equals the marginal factor cost.
If the percent change in nominal GDP is 5 percent and inflation is 3 percent, the percent change in real GDP is:
A. 8 percent. B. 15 percent. C. 2 percent. D. 0 percent.
Suppose a bank has $1 million in deposits, a reserve ratio of 25 percent, and reserves of $250,000. This bank has excess reserves of:
A. $250,000. B. $125,000. C. $62,500. D. $0.