1) Which of the following is not a category of fiscal policy?
a) government policies regarding transfer payments and welfare benefits
b) government policies regarding the purchase of goods and services
c) government policies regarding taxation
d) government policies regarding money supply in the economy
2) If output is less than planned aggregate expenditure, there will be
a) no change in inventories.
b) a planned increase in inventories.
c) an unplanned increase in inventories.
d) an unplanned decrease in inventories.
Refer to the information provided in Table 9.2 below
to answer the questions that follow.
Table 9.2
3) Refer to Table 9.2. At an output level of $1,500 billion, there
is an unplanned inventory
a) increase of $100 billion.
b) increase of $150 billion.
c) change of $0.
d) decrease of $200 billion.
4) Refer to Table 9.2. At an output level of $2,500, there is an
unplanned inventory
a) change of $0.
b) decrease of $200 billion.
c) increase of $200 billion.
d) increase of $300 billion.
5) Refer to Table 9.2. The equilibrium level of output is ________
billion.
a) $2,500
b) $1000
c) $2,000
d) $1,500
Homework Answers
1. Government policy regarding money supply in the economy is not a category of fiscal policy. Hence,option(D) is correct.
2. If output is less than planned aggregate expenditure ,there will be an unplanned decrease in inventories. Hence, option(D) is correct.
3. At an output level of $1500 billion, there is an unplanned inventory increase of $[1500-(1200+150+50)]= $100 billion.Hence,option(A) is correct.
4. At an output level of $2500 , there is an unplanned inventory increase of $[2500-(2000+150+50)]= $300 billion. Hence, option(D) is correct.
5. The equilibrium level of output is where aggregate expenditure equals output is $1000 billion. i.e $(800+150+50)= $1000 billion. Hence, option(B) is correct.
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