An economic system in which resources are privately owned and allocated by the market is called
a. market capitalism
b. market socialism
c. centrally-planned capitalism
d. centrally-planned socialism
e. a tradition-based economy
A
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Which of the following statements regarding aggregate supply are CORRECT?
A) Moving along the long-run aggregate supply curve, both the price level and the money wage rate change by the same percentage. B) Moving along the short-run aggregate supply curve, both the price level and the money wage rate change by the same percentage. C) Moving along the long-run aggregate supply curve, the money wage rate changes but the price level is constant. D) Moving along the short-run aggregate supply curve, the money wage rate changes but the price level is constant.
"Real money balances" refers to ________
A) the quantity of goods and services that money can buy B) gold and silver C) money that is actually available to be spent D) all of the above E) none of the above
The slope of the line from the origin to a given point on the curve equals
A) the increase in output. B) the change in input divided by the change in output. C) the average product of the input. D) the marginal product of the input.
Which of the following is an argument against trying to use policy to stabilize the economy?
a. Recessions represent a waste of resources. b. Pessimism on the part of households and firms may become a self-fulfilling prophecy. c. "Leaning against the wind" requires policymakers to increase aggregate demand in recessions and reduce aggregate demand in booms. d. Macroeconomic forecasting is not developed sufficiently to allow policymakers to change aggregate demand at the proper time.