In the Keynesian world a rising real money supply causes GDP to __________ by __________ the real interest rate which causes a(n) __________ in investment
A) increase; increasing; increase
B) increase; decreasing; increase
C) decrease; increasing; increase
D) decrease; increasing; decrease
B
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
The supply curve illustrates
A) the amount of a good producers plan to sell at given prices. B) the amount of a good producers need to sell at given prices. C) the corresponding demand for a good at given prices. D) the sunk costs associated with producing a scarce good.
If the exchange rate between the dollar and Japanese yen is below the equilibrium exchange rate, there will be a ________ of dollars, and the exchange rate will ________
A) surplus; fall to the equilibrium level B) shortage; change only when the supply curve shifts leftward C) shortage; rise to the equilibrium level D) surplus; rise to the equilibrium level
An oral auction
a. is also called a Vickrey auction b. is where bidders submit increasing bids until all but one remains c. is where the highest bidder wins and pays the amount of the next highest bid d. all of the above