Economics Which school(s) argue that changes in the money supply will have no effect on output? A. Mainstream and RET B. Mainstream and Monetarists C. RET D. Monetarists E. Mainstream
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- AGE MINDTAP uiz Chapter#1 t: Review Quiz Chapter#1 自。 stions tulet10r.01.044 Macroeconomics deals with the analysis of all of the following questions except: a. how does Microsoft price its software packages. O b. why do national economies grow. O c. why does a country experience recessions. O d. how does a central bank influence inflàtion. Questions Navigation Menu O- Icon Key JAN 30 étv ARI N MacBook AirAssume that a Cob-Dougls production functionis a god representaion of the economy, the substitution efecti stronger than the income efect an tht the economy was intaly at quirum. Suppose that Congress pases alaw that requires al orersto retre at g 72, nstead of 6. Hthe wage is fexble, what il happent uirium outpu? The equilbrium output level wi ncrease OThe euirium outut eve wil derese ( The equilibrium output level will emain constant Not enough information i gven to detemine the answerAn increase in the overall level of prices in an economy is referred to as Select one: Oa. supply O b. economic growth C. inflation. 2 d. monetary policy
- Back in the 1980s, the Ronald Reagan Administration reduced corporate taxes, which many economists believed increased production and profit for American companies and created economic growth. This statement BEST supports the view of: Select one: O a. Marginalists O b. Keynesian economists O c. Classical economists O d. Supply-side economists O e. Monetarists1Why low rate inflation is considered necessary for economic grwoth? Oa It does not affect the purchasing power of wages Ob. It indicates that the currency is in continuous demand by the people Oc taffects only the rich and not the poor Od itact as an incentive to boost in supply in the economy 2When the economy is in Keynesian macroeconomic equilibrium, planned investment is greater than actual investment. O a False O b. True 3Government fixes the floor and ceiling price which will not allow the producers to increase the price on their wish, this is a type of. O a Physical control called price pegging O b. Monetary policy control measures O. Physical control called price tagging Od. Fiscal policy control measures O e None 4Rising output coupled with falling prices is called stagflation O a. False O b. True 5The Value of marginal propensity to consume lies O a. O to 1 O b. Less than zero Oc -1 to 1 Od. Between O to 1 6The Central Bank way to control inflation is Oa Monetary policy…Consuime's preferen co Teisme (6) c an comsump over cmd fimetion: u (l,c) - LnL tc. Ho Budget coutaint be written w (I-i) Can € = E + @ solve har famand for Leivine é How foer here Supply decision dapend the wage rate w ī-l =laber Supply Prire NB ) to Wage rate non-laber jn 1ome
- E Which of the following staternents is correct? The aggregate price level is a subject of concerm in microeconomics. a. b. A study of employment in the semiconductor industry would be categorized as a microeconomic study. The C. production and growth of output in the domestic economy is microeconomic concerm. d. Microeconomics is an in-depth study of aggregate economic behavior. Microeconomics includes the study of fiscal and monetary policies, or govermment policies designed to steer the economy in the right direction, е. ces O vi 6:59 9Please answer the following question: 1. Economic advisors who fear that economy is growing too rapidly and that inflation may accelerate to high levels whould recommend that the government decreases spending/or increase taxes. a) True b) False6. Classify each of the following statements as positive ornormative. Explain.a. Society faces a short-run trade-off between inflationand unemployment.b. A reduction in the rate of money growth willreduce the rate of inflation.c. The Federal Reserve should reduce the rate ofmoney growth.d. Society ought to require welfare recipients to lookfor jobs.e. Lower tax rates encourage more work and moresaving.
- 6. Over time, increases in Potential GDP are the result of O A. inflation O B. increased government spending O C. lower taxes O D. increases in technologybefoe y ee nd My a PRAS P feyr Output Reset In 6-2 we studied how unantioipated infation might affect the supply of goods and services in the economy and construced the shon-un aggregate supply ourve The interactive above shows how the SRAS curve changes at different levels of price fexibility. R is helptu in anowering the tulowing questions According to the SRAS curve, f prices are prefecty fexible O Unexpected changes in the price level wil have a large effect on output. O Unexpected changes in the price level will have no etfect on output O Unexpected changes in tme price level will have some etfect on output O None of these Inflation rateWhat type of macroeconomics presents the view that the market economy works well, that aggregate fluctuations are a natural consequence of an expanding economy, and that government intervention cannot improve the efficiency of the market economy? macroeconomics is the view that the market economy works well, that aggregate fluctuations are a natural consequence of an expanding economy, and that government intervention cannot improve the efficiency of the market economy. O A. Monetarist B. Classical OC. Keynesian O D. Long-run Classical macroeconomics A. is currently championed by Paul Krugman in his weekly column in the New York Times B. had its beginnings with the 1936 publication The General Theory of Employment, Interest, and Money C. explains how the economy performs in the face of a major slump in spending D. fell into disrepute during the Great Depression Click to select your answer. MacBook Air DII DD 000 F11 F12 F7 F8 F9 F10 esc F4 F5 F6 F1 F2 F3 & ! @ # $ 5 7 8 delete 1 2 3 {…