From 1968 till 1980, budget deficit was on average around ________ percent of natural GDP; and from 1981 till 1995, it was ________ percent of natural GDP
A) 19.8; 21.5
B) 21.5; 19.8
C) 1.5; 3.5
D) 3.5; 1.5
C
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In the short run, if aggregate demand shifts to the left while the position of the short-run aggregate supply curve does NOT change, then
A) the level of economic activity rises. B) a recessionary gap occurs. C) there is no change in real GDP and the price level. D) an inflationary gap occurs.
When there is an inflationary gap there is
A. too much spending and taxes should be raised. B. too much spending and taxes should be lowered. C. too little spending and taxes should be raised. D. too little spending and taxes should be lowered.
An adverse supply shock will shift short-run aggregate supply
a. right, making prices rise. b. left, making prices rise. c. right, making prices fall. d. left, making prices fall.
Rules of thumb that reduce computation costs are known as:
A. judgmental and decision heuristics. B. optimality constraints. C. cost-benefit calculations. D. decision trees.