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5 Written questions

5 Matching questions

  1. Expenditure Approach
  2. Median voter theory
  3. Velocity of Money
  4. Pork barrel legislation
  5. High and variable inflation
  1. a the idea that a vote maximizing politicial in a two party system will be close to the middle so that there is little difference between candidates, and the preferences of the median voter will be represented.
  2. b average number of times a dollar is used to purchase final goods and services during a year.
  3. c Personal consumption expenditures + gross investment + governemnt consumption and gross investment + net exports
  4. d a package of spending projects benefiting local areas financed through the federal government
  5. e -reduces investment
    -distorts the information delivered by prices
    -results in less productive use of resources

5 Multiple choice questions

  1. government spending is great than government revenues
  2. upward sloping because an increase in the price level will improve the profitability of the firms and cause them to increase output
  3. Upward sloping, increasing interest rates will cause people to say no to investing.
  4. amount of money in the economy, determined by the Fed. It is vertical because it is determined by Fed policy and does not depend on the interest rate.
  5. the sum of all three types of unemployment

5 True/False questions

  1. Labor force participation ratepercent of population age 16 and over who is in the civilian labor force

          

  2. Impact of Long run Expansionary monetary policyshift in monetary policy designed to stimulate aggregate demand.

          

  3. Shifters of Long Run Aggregate Supply-Change in Resource base
    -change in technology
    -Change in arrangements that affect productivity

          

  4. Lower price level:-increase the purchasing power of money
    -Leads to a lower real interest rate, which increases consumption and investment
    -make domestically produced goods less expensive relative to foreign goods

          

  5. Effect of Unanticipated expansionary monetary policyshift in monetary policy designed to stimulate aggregate demand.