The model of short-run economic fluctuations focuses on
a. the price level and real GDP.
b. productivity and economic growth.
c. the neutrality of money and inflation.
d. None of the above is correct.
a
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The law of demand states that
a. quantity demanded is inversely related to price b. quantity demanded is directly related to income c. marginal utility is inversely related to quantity consumed d. total revenue is directly related to price e. demand curves are linear
Which of the following will decrease aggregate demand?
a. exports rising faster than imports b. exports falling faster than imports c. exports rising the same amount as imports d. exports rising and imports falling
The large budget deficits of 2001-2011 were
a. financed entirely through borrowing from domestic sources. b. accompanied by a rapid increase in private investment, which will enhance the welfare of future generations of Americans. c. accompanied by an increase in consumption as a share of GDP, which indicates the current generation of Americans is gaining at the expense of future generations. d. accompanied by large trade surpluses, which will enhance the welfare of future generations of Americans.
Refer to Figure 7.6. Graph A represents:
A. increasing returns to scale.
B. decreasing returns to scale.
C. constant returns to scale.
D. diminishing marginal returns.