ECN FINAL EXAM QUESTIONS WITH 100% CORRECT ANSWERS
5 views 0 purchase
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Scholarsstudyguide. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
