For a given level of inflation, if there is a greater reluctance by foreigners to purchase domestic goods, then the ________ shifts ________.
A. short-run aggregate supply line; downward
B. aggregate demand curve; right
C. short-run aggregate supply line; upward
D. aggregate demand curve; left
Answer: D
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The self-correcting tendency of the economy means that falling inflation eventually eliminates:
A. exogenous spending. B. recessionary gaps. C. expansionary gaps. D. unemployment.
Alternate Outputs from One Day's Labor Input: United States: 12 bushels of wheat or 3 yards of textiles. Great Britain: 3 bushels of wheat or 12 yards of textiles. From the data above, the United States
a. has an absolute advantage over Great Britain in the production of textiles. b. has an absolute advantage over Great Britain in the production of wheat. c. has a comparative advantage in the production of textiles d. should export textiles to Great Britain.
Aggregate price information, such as recalculations of the CPI, is available to the public with ________ lags, causing difficulty for the ________ of the New Classical approach
A) long, Friedman but not Lucas version B) long, Lucas but not Friedman version C) long, Friedman and Lucas versions D) short, Friedman and Lucas versions E) short, Friedman but not Lucas version
Corporations account for
A) the largest proportion of business revenues generated in the United States. B) the largest amount of taxes paid to the U.S. government. C) the largest number of firms in the United States. D) the smallest amount of revenues in the United States.