In 1941 Henry Luce coined the term ______________________ to describe the magnitude of America's economic and military prowess.
Fill in the blank(s) with the appropriate word(s).
"The American Century"
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If the aggregate supply curve is flat,
A. expansionary fiscal or monetary policy will cause a good deal of inflation with little increase in real output. B. expansionary fiscal or monetary policy will buy large gains in real output at low cost in terms of inflation. C. a contractionary stabilization policy is an effective way to reduce inflation. D. decreasing the income tax will not shift aggregate demand.
According to economist A. P. Lerner, taking income from a wealthy individual and giving it to a poorer individual would
a. decrease the economy's total utility b. decrease the economy's investment rate c. eventually increase poverty in the economy d. lessen the incentive to work e. increase the economy's total utility
The downward-sloping aggregate demand curve is partly due to the:
A. positive relationship between the price level and government spending. B. positive relationship between the price level and net exports. C. negative relationship between the price level and net exports. D. negative relationship between the price level and government spending.
Larry buys stock in A to Z Express Company. Curly Corporation builds a new factory. Whose transaction would be an act of investment in the language of macroeconomics?
a. only Larry's b. only Curly Corporation's c. Larry's and Curly Corporation's d. neither Larry's nor Curly Corporation's