Which of the following is an example of a productivity shock?
A) The introduction of new management techniques
B) A change in taxes on corporate profits
C) A change in the level of government transfer programs
D) An increase in the money supply
A
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Short-run macroeconomic equilibrium occurs when the quantity of real GDP demanded ________
A) equals potential GDP B) equals full-employment GDP C) does not equal full-employment GDP D) equals the quantity of real GDP supplied
Cross elasticity of demand measures how sensitive purchases of a specific product are to changes in:
A. the price of some other product. B. the price of that same product. C. income. D. the general price level.
If a firm shuts down, it
A) will suffer a loss equal to its fixed costs. B) will produce nothing but must pay its variable costs. C) will produce nothing but must pay its fixed and variable costs. D) will earn enough revenue to cover its variable costs but not all of its fixed costs.
The two most comprehensive, widely accepted macroeconomic models are
A. the Austrian model and the Keynesian model. B. the supply-side model and the real business cycle model. C. the classical model and the Keynesian model. D. the classical model and the supply-side model.