Identify which of the following motivated European expansion in America
(a) International trade and finance opportunities
(b) Precious metals such as gold and silver
(c) The hope of finding a northwest passage to the Orient
(d) All of the above
(e)
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Which of the following would probably not be considered a natural monopoly?
a. a municipal water company b. the local telephone industry c. the cable television industry d. natural gas and electric companies e. the automobile industry
The long-run Phillips curve corresponds to the vertical region of the long-run aggregate supply curve
a. True b. False Indicate whether the statement is true or false
If a natural disaster were to cause a negative long-run supply shock to the economy, once the economy adjusts, the new equilibrium will be at a:
A. higher price level and lower level of output. B. lower price level and lower level of output. C. higher price level and higher level of output. D. lower price level and higher level of output.