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5 Written questions

5 Matching questions

  1. Rational Ignorance effect
  2. Equillibrium in Money Market
  3. Downward sloping demand curve
  4. Actual Inflation > Anticipated Inflation
  5. Shifters of Long Run Aggregate Supply
  1. a -Change in Resource base
    -change in technology
    -Change in arrangements that affect productivity
  2. b borrowers gain, lenders lose
  3. c Occurs where Money demand intersects the money supply
  4. d -inverse relationship (negative) between the price of a good and the quantity that buyers are willing to purchase
  5. e a rational individual has little or no incentive to aquire information needs to cast an informed vote

5 Multiple choice questions

  1. government spending is great than government revenues
  2. M1 + savings deposits + time deposits(less than 100, 000) + money market mutual funds
  3. No short run increase in output, only long run inflation.
  4. -cause of inflation
    -Not reduce unemployment
    -Not increase output
  5. interest rate the Fed charges banking institutions to borrow funds

5 True/False questions

  1. Lower Interest rate causesan issue that generates substantial benefits for a small group by generating minimal costs to a large group.


  2. Quantity DemandedChanges in quantity are sensitive to changes in price
    -elastic curves are flatter
    -perfect = horizontal


  3. Positive Economic Statement-statement that is testable


  4. What open market operation decreases the money supply?upward sloping because an increase in the price level will improve the profitability of the firms and cause them to increase output


  5. Inelastic Curves-discourage work and productivity
    -High tax rates reduce capital formation
    -Encourage people to purchase less desired goods just because they are tax deductible