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- Arthur is an unskilled worker who is currently unemployed. He has been offered a job that pays $40 a day, but he is currently receiving unemployment insurance benefits equal to $50 a day, so he chooses not to accept the job and to continue looking for a better job. Arthur is ________ unemployed.
- When the central bank buys $1,000,000 worth of government bonds from the public, the money supply:
- Workers in durable-goods industries are ________ workers in service industries to lose their jobsduring a recession
- According to the quantity equation, if velocity and real GDP are constant, and the Federal Reserve increases the money supply by 5 percent, then the price level:
- Double coincidence of wants is avoided if money is used as a:
- Financial intermediaries, such as commercial banks, help borrowers, particularly small borrowers, by:
- The proposition each extra percentage point of cyclical unemployment is associated with about a 2 percent widening of a negative output gap, measured in relation to potential output, is known as
- If average labor productivity in two countries is the same, average living standards will be lower in the country with:
- If the government lowers taxes in response to a recession, the government is engaging in what economists call:
- The point where the long-run aggregate supply curve intercepts the horizontal axis:
- The long-run aggregate supply curve is vertical because in the long run:
- When the aggregate price level increases, the purchasing power of many assets falls, causing a decrease in consumer spending. This is known as the _____ effect and is a reason why the _____ curve slopes _____.
- Suppose the marginal propensity to consume changes from 0.75 to 0.90. How will this affect the consumption function?
- If the MPS = .1, then the value of the multiplier equals:
- In an economy with no international trade, government expenditure, transfers, or taxes, planned aggregate spending is equal to:
- When the economy is on the short-run aggregate supply curve and to the left of the long-run aggregate supply curve, actual aggregate output will eventually equal potential output as:
- Use Table 16- 1. When disposable personal income is $400, the level of personal saving is:
- Suppose that a presidential candidate who promised large personal income tax cuts is elected. Which of the following is most likely to occur?
- If the planned aggregate spending rises by $25 billion and the MPC is .8, then GDP changes by:
- Use the "Shift of the Aggregate Demand Curve" Figure 17-2. A movement from point C on AD2 to point A on AD1 may have been the result of :