1. Which of the following best characterizes changes in the U.S. long-run aggregate supply curve during the past 50 years (taking into account that the economy has acquired better technology)?
2. The Classical economists believed that ________.
3. Classical macroeconomic theory concludes that ultimately
4. Keynesian economic theory began _________.
5. Which of the following will shift the aggregate demand curve rightward (increase)?
6. One of keynes' key policy recommendations was increased government spending. This is equivalent to a policy to _________.
7. Which of the following will happen if the price level is below the full-employment price level?
8. Increases in aggregate demand lead to _______.
9. When a person cleans their own home, the value of this service in GDP is found in which spending component?
10. An increase in the amount of money circulating in the economy, ceteris paribus, will result in which of the following?
11. The existence of fiscal policy lags ________.
12. Which of the following best describes a balanced budget?
13. A decrease in the expected price level has the effect of _________.
14. In an inflationary spiral situation, the short-run aggregate supply curve ________.
15. Which of the following can be thought of as a stock in past budgetary imbalances?
16. Prior to the great Depression the U.S. economy operated under a philosophy of ___________.
17. The slope of the consumption function is also known as the
18. Which of the following is not included in the complex multiplier?
19. According to the aggregate expenditure function, as the price level decreases, it is reasonable to expect that _________
20. Which of the following did not occur in 1929?