From 1991 until 2001, the United States was in a period of
A) business cycle peaks. B) expansion.
C) recession. D) business cycle troughs.
B
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting downward C. Aggregate demand shifting rightward D. Aggregate demand shifting leftward
Which of the following is not a method to reduce the inflationary gap?
a. Increasing government spending b. Reducing transfer payments c. Raising taxes d. Decreasing government expenditure
If there is complete crowding out as a result of an increase in government spending there will be
A) a decrease in aggregate demand. B) no change in aggregate demand. C) an increase in aggregate demand. D) a downward movement along the aggregate demand curve.
Assume that empirical evidence shows a difference in mean earnings between two groups, say, majority and minority workers. What conclusion may be drawn?
a. The group with the lower earnings is being discriminated against. b. Any of the above statements could, either partially or entirely, explain this difference. c. The group with the lower earnings is less productive. d. The group with the lower earnings has less human capital.