The focus of the short-run macro model is on the role of
a. spending in explaining economic fluctuations
b. labor in explaining economic fluctuations
c. financial markets in explaining economic fluctuations
d. output in explaining economic fluctuations
e. resources in explaining economic fluctuations.
A
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The reminiscences of two famous people who were born into slavery, Frederick Douglass and Booker T. Washington, include all of the following except
(a) The common custom among slave owners was to ensure that small children of slaves had the nurturing of both parents until they reached good working age. (b) Their early years were not very different from thousands of other slave children. (c) Their fathers were white men. (d) They saw their mothers infrequently, only a few times in their lives, or only sometimes in the early morning hours before their mothers went to work or late at night.
In order to simplify a complex situation, economic models often treat constraints as unalterable
Indicate whether the statement is true or false
As the price level rises
a. people will want to buy more bonds, so the interest rate rises. b. people will want to buy fewer bonds, so the interest rate falls. c. people will want to buy more bonds, so the interest rate falls. d. people will want to buy fewer bonds, so the interest rate rises.
If technological change occurs in the economy
A) the long-run aggregate supply curve will shift to the right. B) the long-run aggregate supply curve will shift to the left. C) we will move up along the long-run aggregate supply curve. D) we will move down along the long-run aggregate supply curve.