If factor markets were perfectly competitive, then full employment would be the normal condition and
A. inflation would always be zero
B. output would rise steadily with price increases
C. there would never be any reason for prices to change
D. the AS-curve would be horizontal
E. the AS-curve would be vertical
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In the medium run, if government purchases are increased and nominal money supply is decreased, we can expect that
A. aggregate demand and prices will increase but interest rates will not change
B. aggregate demand, prices, and the interest rate will all decrease
C. aggregate demand and interest rates will decrease but prices will increase
D. the AD-curve will shift to the right and the AS-curve will shift to the left
E. the interest rate will increase while aggregate demand and prices may increase, decrease, or remain the same
The AS-curve is horizontal or very flat if
A. additional resources (especially labor) can be hired to produce additional output with little or no increase in existing prices
B. wages fall rapidly with an increase in unemployment, reducing spending and income to restore equilibrium
C. firms lower wages less than prices to avoid a loss in profit during a recession
D. the nominal wage adjustment occurs fairly rapidly
E. nominal wages and prices always change proportionally, leaving the real wage rate unchanged
Assume you mistakenly buried a $100 bill in a time capsule in 1970 and dug it up again in 20What would be its real purchasing power ?
A. 122
B. 100
C. 88
D. 42
E. 17
Which of the following was NOT true during the Great Depression?
A. investment as a share of GDP was below 3 percent
B. unemployment averaged about 18.8 percent
C. prices dropped by one-fourth
D. output fell by nearly 30 percent
E. both B) and C)
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