Refer to the scenario above. The interest that you will earn, after a year, is equal to:
A) $10.
B) $30.
C) $32.24.
D) $52.
D
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The approach to understanding the determination of real GDP and the price level that emphasizes flexible wages and prices and competitive markets is
A) the Keynesian model. B) the classical model. C) Adam Smith's Law. D) the aggregate demand model.
The AD curve is a graph depicting the
A) relationship between the price level and the quantity of real GDP demanded. B) relationship between the price level and potential GDP. C) relationship between the price level and the quantity of real GDP supplied. D) business cycle during expansions and recessions. E) relationship between the aggregate quantity of real GDP demanded and the aggregate quantity of real GDP supplied.
Which of the following macroeconomic variables is acyclical?
A) Real interest rates B) Unemployment C) Money supply D) Consumption
Adam Smith's theory of the invisible hand posits that the most efficient allocation of resources is often achieved by:
A. the actions of independent, self-interested buyers and sellers. B. collective action. C. reducing economic inequality. D. government intervention in the market.