Homework Answers
Philips curve - is correct
Philips curve shows the relationship between price and unemployment rate.
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D Question 8 1 pts When macroeconomists are discussing the economy of a country, a prices...
4)If the economy is at full employment, a rise in net exports causes: A) An increase...
4)If the economy is at full employment, a rise in net exports causes: A) An increase in RGDP, no change in price in the AD/AS graph. B) Increase in prices in the AD/AS model with no change in the Keynesian model C) Increase in price, no change in RGDP in the Keynesian model D)Increase in RGDP and price level in both models. E) Increases RGDP and prices in Keynesian 5) What describes the difference between Keynesian and classical thinking? A)...
Exhibit 8-8 Aggregate expenditures function Real consumption and Investment expenditures (trillions of dollars per year) om...
Exhibit 8-8 Aggregate expenditures function Real consumption and Investment expenditures (trillions of dollars per year) om 0 1 2 3 4 5 6 7 8 9 10 Real disposable income (trillions of dollars per year) 23. In Exhibit 8-8, what is the households' marginal propensity to consume (MPC)? 20.5. c. 0.8. b. 0.75 d. 1. 24. Using the Keynesian aggregate expenditures model, which of the following is true? a Macro equilibrium may occur at levels of real GDP other than...
[8] In Keynesian economics the most important factor determining whether the level of economic activity is...
[8] In Keynesian economics the most important factor determining whether the level of economic activity is growing or shrinking is: A) the multiplier effect. B) government expenditure and tax policies. C) the behavior of nonincome-determined spending. D) the relationship between leakages from and injections into the spending stream. [9] Using the Keynesian approach, if leakages from the spending stream are less than injections, the current level of output is: A) less than the equilibrium level of output, and will increase....
QUESTION 1 According to the classical economists, those who are not working have chosen not to...
QUESTION 1 According to the classical economists, those who are not working have chosen not to work at the market wage. are unable to find a job at the current wage rate. have given up looking for a job but would accept a job at the current wage if one were offered to them. are too productive to be hired at the current wage. QUESTION 2 Which of the following explains why the long-run Phillips curve is drawn as a...
Question 8 1 pts Consider the equation, a +Blu-u) where:. is the rare of consumer price...
Question 8 1 pts Consider the equation, a +Blu-u) where:. is the rare of consumer price inflation, u is the unemployment rate and is the natural rate of unemployment. This equation represents: An Okun's law relationship if 2 > B>0 An Okun's law relationship if-2 5B 50 An Okun's law relationship if -0.5 <B<0 A Phillips curve relationship if > 0 A Phillips curve relationship if 8 50
14. Suppose that the economy is at point A on the Phillips curve graph above. Starting...
14. Suppose that the economy is at point A on the Phillips curve
graph above. Starting at that point, what two fiscal policy options
would help to improve national economic conditions?
15. If the government pursued the fiscal policy options you
identified in #14, what would happen to the federal government’s
budget deficit? Check one answer:
⧠ the deficit would grow larger (more negative)
⧠ the deficit would become smaller (less negative)
16. If the government pursued the fiscal policy...
ount Question 18 4 pts board When the overall level of prices in the economy is...
ount Question 18 4 pts board When the overall level of prices in the economy is increasing, economists say that the economy is experiencing urses economic growth endar inflation deflation mbox stagflation ibrary
1. Inflation and the Australian Economy The Australian Bureau of Statistics recently reported that there was no change in consumer prices between the start of January and end of March, equating t...
1. Inflation and the Australian Economy The Australian Bureau of Statistics recently reported that there was no change in consumer prices between the start of January and end of March, equating to a quarterly inflation rate of 0%. The Reserve Bank of Australia has highlighted their concerns that inflation has been consistently lower than their target range of inflation a) Why would the RBA consider inflation that is too low to be problematic for the Australian economy? b) What measure...
[1] Assumptions: A) are a key component of a model. B) are conditions held to be...
[1] Assumptions: A) are a key component of a model. B) are conditions held to be true in a model. C) influence the conclusions derived from the model. D) all of these answers are correct. [2] The primary conclusion of the classical school is: A) businesses do not change prices once they are set. B) a free market economy will automatically operate at full employment. C) a free market economy can operate at less than full employment for long periods...
1. Is the Phillips curve a myth? Intertemporal tradeoff between inflation and unemployment After the World...
1. Is the Phillips curve a myth? Intertemporal tradeoff between inflation and unemployment After the World War II, empirical economists noticed that, in many advanced economies, as unemployment fell, inflation tended to rise, and vice versa. The inverse relationship between unemployment and Inflation, was depicted as the Phillips curve, after William Phillips of the London School of Economics. In the 1950s and 1960s, the Phillips curve convinced many policy makers that they could use the relationship to pick acceptable levels...
Exhibit 8-8 Aggregate expenditures function Real consumption and Investment expenditures (trillions of dollars per year) om 0 1 2 3 4 5 6 7 8 9 10 Real disposable income (trillions of dollars per year) 23. In Exhibit 8-8, what is the households' marginal propensity to consume (MPC)? 20.5. c. 0.8. b. 0.75 d. 1. 24. Using the Keynesian aggregate expenditures model, which of the following is true? a Macro equilibrium may occur at levels of real GDP other than...
Question 8 1 pts Consider the equation, a +Blu-u) where:. is the rare of consumer price inflation, u is the unemployment rate and is the natural rate of unemployment. This equation represents: An Okun's law relationship if 2 > B>0 An Okun's law relationship if-2 5B 50 An Okun's law relationship if -0.5 <B<0 A Phillips curve relationship if > 0 A Phillips curve relationship if 8 50
14. Suppose that the economy is at point A on the Phillips curve
graph above. Starting at that point, what two fiscal policy options
would help to improve national economic conditions?
15. If the government pursued the fiscal policy options you
identified in #14, what would happen to the federal government’s
budget deficit? Check one answer:
⧠ the deficit would grow larger (more negative)
⧠ the deficit would become smaller (less negative)
16. If the government pursued the fiscal policy...
ount Question 18 4 pts board When the overall level of prices in the economy is increasing, economists say that the economy is experiencing urses economic growth endar inflation deflation mbox stagflation ibrary
1. Inflation and the Australian Economy The Australian Bureau of Statistics recently reported that there was no change in consumer prices between the start of January and end of March, equating to a quarterly inflation rate of 0%. The Reserve Bank of Australia has highlighted their concerns that inflation has been consistently lower than their target range of inflation a) Why would the RBA consider inflation that is too low to be problematic for the Australian economy? b) What measure...
1. Is the Phillips curve a myth? Intertemporal tradeoff between inflation and unemployment After the World War II, empirical economists noticed that, in many advanced economies, as unemployment fell, inflation tended to rise, and vice versa. The inverse relationship between unemployment and Inflation, was depicted as the Phillips curve, after William Phillips of the London School of Economics. In the 1950s and 1960s, the Phillips curve convinced many policy makers that they could use the relationship to pick acceptable levels...
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