NAME: ________________________

Economics Test

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6 Written Questions

6 Multiple Choice Questions

  1. Consumption/Disposable income
  2. Durability
    Irregularity of innovation
    Variability of profits
    Variability of expectations
  3. What we spend on goods and services.
  4. Operating costs
    Business taxes
    Technological changes
    Stock of capital goods
    Planned inventory changes
    Expectations
  5. the ratio of a change in GDP to the initial change in spending. 1/1-MPC or 1/MPS
  6. Change in consumption/Disposable income

5 True/False Questions

  1. Expansionary fiscal policyincreases in government spending or decreases in taxes or both, so that the net effect on aggregate demand is an increase in net government spending

          

  2. Cost-push inflationleftward shift in the AS curve

          

  3. nondiscretionary or built-in stabilization policydeliberate manipulation of taxes and government spending by the Congress to alter real domestic output and employment, to control inflation, and to stimulate economic growth during a particular period of time

          

  4. Relationship between changes in spending vs. the changes in real GDP.input prices
    productivity
    legal-institution

          

  5. 3 factors that can cause a shift in AS curveinput prices
    productivity
    legal-institution

          

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