Refer to the data above. If plotted on a graph, the slope of the consumption schedule would be:
The disposable income (DI) and consumption (C) schedules are for a private, closed
economy. All figures are in billions of dollars.
A. .6
B. .7
C. .8
D. .9
D. .9
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What are the key differences between how we illustrate a contractionary fiscal policy in the basic aggregate demand and aggregate supply model and in the dynamic aggregate demand and aggregate supply model?
What will be an ideal response?
Workers expect inflation to fall from 4% to 1% next year. As a result, this should
A) move the economy up along a stationary short-run aggregate supply curve. B) shift the short-run aggregate supply curve to the right. C) shift the short-run aggregate supply curve to the left. D) move the economy down along a stationary short-run aggregate supply curve.
A supply curve that is parallel to the price axis is
A) perfectly elastic. B) perfectly inelastic. C) relatively inelastic. D) unitary elastic.
Both the production of goods and services and the unemployment rate are used to measure
a. the business cycle. b. productivity. c. the interest rate. d. inflation.