- The market demand for a good is derived by summing all the individual demands.
Your answer:
True
False
- A long-run supply curve is more price sensitive than a short-run supply curve.
Your answer:
True
False
- Price does not change in a market-day supply curve
Your answer:
True
False
- A change in flour prices shifts the supply curve for bread.
Your answer:
True
False
- The short run is depicted by a vertical supply curve.
Your answer:
True
False
- Belgium, according to economists, is in a recession when its
Your answer:
real GDP declines for at least nine months
real GDP declines for at least three months
real GDP declines for at least six months
nominal GDP declines for at least six months
nominal GDP declines for at least nine months
- Economists segment the business cycle into phases and the phase characterized by a relatively high level of real GDP, full employment, and inflation identifies
Your answer:
prosperity
demand-pull inflation
recovery
stagflation
expansion
- A measure comparing the prices of consumer goods and services that a household purchases to the prices of those goods and services purchased in a base year is the
Your answer:
Producer Price Index
Consumer Price Deflator
Consumer Price Index
GDP Price Deflator
Consumer Deflator Index
- Ireland’s nominal GDP can increase when
Your answer:
only Irish prices increase
only Irish output increases
only Irish output and prices decrease
any combination of Irish output and/or prices increase
only Irish output and prices increase
- Which of the following will not cause the aggregates supply curve to shift?
Your answer:
an increase in the number of entrepreneurs
an increase in capital stock
a chage in the price level
a decrease in the number of workers
a decrease in the amount of natural resource base
- Which of the following will not cause the aggregates demand curve to shift?
Your answer:
a change in the price level
an increase in the purchase of capital gods caused by a change in expectations
a decrease in the construction of new houses caused by an increase in interest rates
an increase in government spending for interstate highways
an increase in the sales of exports resulting from a change in the exchange rate
- Historical note: Since the end of World War II, the U.S. economy has experienced
Your answer:
100 recessions
approximately one recession each year
11 recessions
one recession
no recessions
- Economists segment the business cycle into phases and the phase in which real GDP declines, inflation moderates, and unemployment emerges is the
Your answer:
recession
deceleration
stagflation
downturn
depression
- Population growth will most likely lead to increased bottled water demand, short-term
Your answer:
surpluses, and a resultant price increase
shortages, and a resultant price decrease
surpluses, and a resultant price decrease
shortages, and a resultant price increase
- If aggregates supply keeps decreasing while aggregate demand does not change, there will come a time when
Your answer:
demand-dull inflation will occur
demand-push inflation will occur
cost-pull inflation will occur
the economy will reach full employment
cost-push inflation will occur