Which of the following is not a category of state and local government outlays? A) purchases of goods and services B) grants in aid C) transfer payments D) interest payments ANSWER B
Date: September 10th, 2020
National income is defined as gross national product minus a. depreciation and net taxes. b. national income. c. depreciation. d. personal disposable income. ANSWER A
Date: September 10th, 2020
As the quantity of labor increases, the marginal product of labor A) is constant. B) increases. C) decreases. D) may either increase or decrease. ANSWER C
Date: September 10th, 2020
With respect to Figure 3.1, the classicists argued that a. the relevant aggregate supply curve is labeled B. b. the curves labeled B and G are both relevant during recessions. c. only the supply curve labeled M is important. d. None of the above ANSWER A
Date: September 10th, 2020
Technological advances lead to ________. A) a shift of the short run AS curve up B) a shift of the long run AS curve to the left C) an upward movement along the long run AS curve D) all of the above E) none of the above ANSWER E
Date: September 10th, 2020
The fact that private sector economic agents cannot be systematically fooled by economic policymakers is implied by A) the Phillips curve. B) time inconsistency. C) commitment. D) the rational expectations hypothesis. ANSWER D
Date: September 10th, 2020
The construct of a representative firm is most helpful in describing the behavior of all of the firms in the economy when A) there are constant returns to scale. B) there are increasing returns to scale. C) there are decreasing returns to scale. D) the marginal product of labor is increasing in the amount of […]
Date: September 10th, 2020
In the Keynesian model, changes in aggregate supply a. are the primary determinant of inflation. b. could only destabilize the economy. c. are ignored. d. None of the above ANSWER C
Date: September 10th, 2020
Federal government outlays include ________. A) transfer payments, grants to states, interest payments on the national debt and income tax revenues B) grants to states, interest payments on the national debt, income tax revenues and government purchases C) interest payments on the national debt, income tax revenues, government purchases and transfer payments D) government purchases, […]
Date: September 10th, 2020
Chain-weighted GDP deflator inflation differs from GDP deflation inflation because: a. it uses different goods in its calculation. b. it uses two different base years to get the quantities used to calculate the index. c. it uses a constant set of prices every year. d. it uses two different base years to get the prices […]
Date: September 10th, 2020
