Arthur Laffer's macroeconomic theory and political philosophy are linked. He is a
A. monetarist and a conservative.
B. supply-sider and a conservative.
C. new classical macroeconomist and a liberal.
D. Keynesian and a liberal.
B. supply-sider and a conservative.
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A sharp rise in the real value of stock prices, which is independent of a change in the price level, would best be an example of ________.
A. a change in the degree of excess capacity B. a change in real value of consumer wealth C. the interest-rate effect D. the real-balances effect
If the price of watermelons is 5 pesos in Argentina and the exchange rate is 4 pesos per dollar, then what is the dollar price of watermelons?
A) $0.75 B) $0.80 C) $1.25 D) $2.00
By how much did real GDP decline between 1929 and 1933?
A) 18% B) 20% C) 27% D) 81%
Suppose you observe that the price of a good increases and that the quantity of this good sold also increases. If only the demand curve or the supply curve shifts this suggests that
A) supply increased over time while demand remained the same. B) supply decreased over time while demand remained the same. C) demand increased over time while supply remained the same. D) demand decreased over time while supply remained the same.