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5 Written questions

5 Matching questions

  1. Discount Rate
  2. Special interest effect
  3. Labor force participation rate
  4. Shifters of Short Run Aggregate Supply
  5. Expenditure Approach
  1. a an issue that generates substantial benefits for a small group by generating minimal costs to a large group.
  2. b interest rate the Fed charges banking institutions to borrow funds
  3. c percent of population age 16 and over who is in the civilian labor force
  4. d -Resource Price
    -Changes in expected inflation
    -Supply Shocks
  5. e Personal consumption expenditures + gross investment + governemnt consumption and gross investment + net exports

5 Multiple choice questions

  1. -ability to forecast is extremely limited
    -change in fiscal policy requires legislaive action
    -Change will not have an immediate effect on the economy
  2. belief that a tax reduction financed with government debt will exert no effect on aggregate demand
  3. the belief that changes in the marginal tax rate will exert important effects on aggregate supply
  4. upward sloping because an increase in the price level will improve the profitability of the firms and cause them to increase output
  5. When the fed sells bonds.

5 True/False questions

  1. Paradox of thriftwhen many people drastically increase their savings and reduce consumption, total savings may decrease

          

  2. Normative Economic Statement-statement is not testable

          

  3. Civilian labor forceNumber of people age 16 or older who are employed or unemployed

          

  4. Classical Economistexpansionary fiscal policy during a recession will stimulate aggregate demand and pull us out of a recession.
    -Prices are sticky, Economy can't correct itself, Demand creates supply

          

  5. Causes of High inflation are:Money used to buy goods and services
    -fiat money: money that has no intrinsic value
    -More efficient to use money

          

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