Goods having a negative calculated income elasticity are
a. superior goods
b. producers' goods
c. nondurable goods
d. inferior goods
e. none of the above
d
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A larger crowding-out effect:
a. increases the magnitude of a given fiscal policy's effect on interest rates and increases the magnitude of its effects on investment. b. increases the magnitude of a given fiscal policy's effect on interest rates and decreases the magnitude of its effects on investment. c. decreases the magnitude of a given fiscal policy's effect on interest rates and increases the magnitude of its effects on investment. d. decreases the magnitude of a given fiscal policy's effect on interest rates and decreases the magnitude of its effects on investment.
If the Phillips curve was nearly horizontal, a: a. substantial increase in inflation would be caused by a decrease in unemployment
b. substantial decrease in inflation would be caused by a decrease in unemployment. c. substantial decrease in unemployment could be achieved with only a small increase in inflation. d. substantial increase in unemployment could be achieved with only a small increase in inflation.
One of the differences between microeconomics and macroeconomics is the use of fiscal policy. Fiscal policy is conducted by:
a. local banks. b. a nation’s central bank. c. a nation’s legislative body. d. a state’s legislative body.
It is impossible to conduct ________ policy and maintain a ________ exchange rate.
A. monetary; floating B. fiscal; fixed C. monetary; fixed D. fiscal; floating