Macroeconomics Questions
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Other things the same, which of the following could explain an increase in productivity? a. either an increase in human capital or an increase in physical capital b. an increase in human capital but not an increase in physical capital c. an increase in physical capital but not an increase in human capital d. neither an increase in human capital nor an increase in physical capital
Which of the following statements is true? a. Productivity is calculated as hours worked divided by output produced. b. Americans have a higher standard of living than Indonesians because American workers are more productive than Indonesian workers. c. Both A and B are correct. d. None of the above are correct.
Which of the following measures how the level of well-being in a country has changed over time? a. level of nominal GDP per person. b. growth rate of nominal GDP. c. growth rate of real GDP. d. growth rate of real GDP per person
In the simple Keynesian model, if the economy is operating in the horizontal portion of the aggregate supply curve, an increase in autonomous spending will lead to _____ in the price level and _____ in Real GDP.A. an increase; no changeB. an increase; an increaseC. no change; an increaseD. a decrease; an increase
What 2 things are assumed to be constant if consumption rises as Real GDP rises?
The Total Production (TP) curve is ________ line
Which of the following statements is false?A. Economists who believe that the economy is self-regulating advocate for a great deal of government intervention to help push the economy toward long-run equilibrium.B. Classical economists believed that wages, prices, and interest rates are flexible.C. Economists who believe that the economy is self-regulating advocate for a macroeconomic policy of laissez-faire.D. Classical economists believed that Say's law holds in a money economy.
The distance from the origin to the point where the consumption curve cuts the vertical axis indicates
The consumption curve and the total expenditures curve can cut the vertical axis at a positive dollar amount when
The TE curve will shift _____________ if C, I, or G rises
Keynes believed thatA. the economy is always self-regulating.B. the economy could get stuck in a recessionary gap.C. the economy is never self-regulating.D. wages are always flexible.
−The TE curve will shift ______________ if C, I, or G _________.
what does an increase/decrease in the value of the currency effect
Increasing the money supply leads to economic growth in the long run
In the long run, changes in PL are directly proportional to
T/F: Everything that shifts LRAS shifts SRAS too.
Which of the following categories accounted for the largest percentage of total federal government expenditures in recent years?
The effects of a shift in SRAS; What happens in the long run of an increase in oil prices if the policymakers do nothing?
In the short-run aggregate supply curve sticky prices become more what?
When the government runs a budget deficit, it makes up the difference by: