Keynesian economists believe that changes in GDP result primarily from changes in
a. aggregate supply and aggregate demand, both contributing equally
b. aggregate supply
c. aggregate demand
d. monetary policy
e. fiscal policy
C
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Real business cycle theory explains variations in prices, employment, and real Gross Domestic Product (GDP) by focusing on
A) changes in real variables such as supply shocks, technological changes, and shifts in the composition of the labor force. B) anticipated changes in fiscal policy enacted by the government. C) the effects of the Phillips curve. D) anticipated monetary policies enacted by the Fed.
During the period _____, the short-run Phillips curve for the United States was farthest from the origin
a. 1960 to 1964 b. 1964 to 1969 c. 1970 to 1973 d. 1974 to 1983 e. 1984 to 1989
When a bank loan is repaid the supply of money
A. is constant, but its composition will have changed. B. is decreased. C. is increased. D. may either increase or decrease.
The production of agricultural products such as wheat or corn would best be described by which market model?
A. Pure competition B. Pure monopoly C. Monopolistic competition D. Oligopoly