ECN FINAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS
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Course
ECN
Institution
ECN
ECN FINAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS
Microeconomic substitution is impossible for the economy as a whole because - Answer- real GDP measures the total quantity of goods and services produced by all firms in all markets.
The model of aggregate demand and aggregate supply explain...
ECN FINAL EXAM QUESTIONS WITH
100% CORRECT ANSWERS
Microeconomic substitution is impossible for the economy as a whole because -
Answer- real GDP measures the total quantity of goods and services produced by all
firms in all markets.
The model of aggregate demand and aggregate supply explains the relationship
between - Answer- real GDP and price level
Which pair of GDP growth rates and unemployment rates is realistic? - Answer- 3% and
5%
Historically, as recessions have ended the unemployment rate declined - Answer-
gradually to a rate of about 5-6%
Real GDP - Answer- measures economic activity and income
According to the classical model, an increase in the money supply causes - Answer-
prices to rise in the long run
Most economists believe that in the short run - Answer- real and nominal variables are
highly intertwined and that money can temporarily move real GDP away from its long-
run trend
Aggregate demand shifts left if - Answer- government purchases decrease and shifts
left is stock prices fall
An increase in household saving causes consumption to - Answer- fall and aggregate
demand to decrease
When the money supply decreases - Answer- interest rates rise and so aggregate
demand shifts left.
Monetary policy and fiscal policy influence - Answer- output in the short run only
According to classical macroeconomic theory, - Answer- output is determined by the
supplies of capital and labor and the available production technology.
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