Refer to Table 9-12. If the actual terms of trade are 1 belt for 1.5 swords and 50 belts are traded, how many belts will Estonia consume?
A) 50 B) 70 C) 90 D) 120
A
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A peak in the business cycle
A. is a temporary maximum point. B. is a temporary minimum point. C. occurs when the inflation rate is its lowest. D. occurs when the unemployment rate is its greatest.
Reverse causation is the idea that
A) current increases in output cause future increases in the money supply. B) current increases in the money supply cause future increases in output. C) expected future increases in the money supply cause increases in current output. D) expected future increases in output cause increases in the current money supply.
Automatic stabilizers "lean against the prevailing wind" of the business cycle because:
a. they include the power of special interests. b. the spending and tax multipliers are constant. c. federal expenditures and tax revenues change as the level of real GDP changes. d. wages are controlled by the minimum wage law.
Which of the following would cause stagflation?
a. rising government expenditures b. rising oil prices c. a falling money supply d. technical progress