Which of the following best describes the typical growth pattern of trees for logging?
A. Trees grow slowly at first, then grow exponentially until cut down.
B. Trees grow quickly at first, then continue to grow at a declining rate.
C. Trees grow quickly at first, then plateau for a time before resuming an exponential growth
pattern.
D. Trees grow slowly at first, quickly in the middle years, and then at a diminishing rate into
old age.
Answer: D
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
GDP in excess of potential GDP will shift the aggregate supply curve to the left and the price level will increase
a. True b. False Indicate whether the statement is true or false
Figure 11-2
Which graph in Figure 11-2 best reflects a Keynesian view of the impact of a $500-per-person tax cut?
a.
1
b.
2
c.
3
d.
4
If the short-run Phillips curve were stable, which of the following would be unusual?
a. an increase in government spending and a fall in unemployment
b. an increase in inflation and a decrease in output
c. a decrease in the inflation rate and a rise in the unemployment rate
d. a decrease in the money supply and a rise in the unemployment rate.