A leftward shift of a product supply curve might be caused by:

Select one:

a. an improvement in the relevant technique of production.

b. a decline in the prices of needed inputs

c. an increase in consumer incomes.

d. an increase in consumer incomes.

 

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Assume that in a private, closed economy consumption is $240 billion and investment is $50 billion, both at $280 billion level of domestic output. Thus:

Select one:

a. Savings is $10 billion.

b. Unplanned decreases in inventories of $10 billion will occur.

c. The MPC is .80.

d. Unplanned increases in inventories of $10 billion will occur.

 

Suppose that the economy is in the midst of a recession. Which of the following policies would be most consistent with fiscal policy?

Select one:

a. A congressional proposal to incur a federal surplus to be used for the retirement of public debt

b. A reduction in agricultural subsidies and veterans' benefits

c. A postponement of a highway construction program

d. A reduction in federal tax rates on both personal and corporate income

 

If the economy is in a recession, the Fed could:

Select one:

a. Raise interest rates, causing both consumption and investment to decrease and shifting the aggregate demand curve to the left.

b. Lower interest rates, causing both consumption and investment to increase and shifting the aggregate demand curve to the left.

c. Lower interest rates, causing both consumption and investment to increase and shifting the aggregate demand curve to the right.

d. Raise interest rates, causing both consumption and investment to increase and shifting the aggregate supply curve to the right.

 

Checkable deposits are:

Select one:

a. Included in M1.

b. Not included in either M1 or M2.

c. Considered to be a near money.

d. Also called time deposits.

 

Expansionary fiscal policy occurs when the government:

Select one:

a. Increases taxes and increases government spending.

b. Increases taxes and decreases government spending.

c. Decreases taxes and decreases government spending.

d. Decreases taxes and increases government spending.

 

When the price of a product rises, consumers shift their purchases to other products whose prices are now relatively lower. This statement describes: 

Select one:

a. an inferior good.

b. the rationing function of prices.

c. the substitution effect.

d. the income effect.

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Status NEW Posted 12 Jul 2017 05:07 AM My Price 10.00

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