Final exam study
Frictional
Structural
Seasonal
Cyclical
Underemployment
Increases in the price level
Decreases in the price level
Outward shift of the aggregate demand and supply curve
A leftward shift of the aggregate demand cureve along a verticla aggreegate supply curve
An increase in the potential level of real GDP
Increase domestic agg expendituures and the equilibrium level of output
Decrease domestic agg expenditure and the equilibrium level of output
Have no impact on deomestic agg expenditures or output
Decrease the marginal propensity to import
Change autonomout consumption
Increase
Decrease
Remain constant, since net exports are assumed to be constant
Increase only if the marginal propenstiy to import also increases
Increase onluy if there is lower inflation abroad
Reduce; increase
Reduce; decrease
Reduce; not change
Increase; decrease
Increase; increase
More because real income rises
Less because the real value of their wealth increases
Less because the real value of their wealth decreases
Less because real income rises
More because nomical income increases
Cyclical
Structural
Seasonal
Frictional
Voluntary
Professional workers
White teenagers
Black teenagers
Black adults
White adults
13 percent
8 percent
5 percent
3 percent
1 percent
The smaller the margnial propensity to consume
The larger the multiplier
The smaller the multiplier
The flatter the consumption funciton
The steepr the saving funstion
Leakages exceed injections
Injjections exceed leakages
Leakages equal injection
Expenditures are less than output
Savings exceeds investment
Decreases as income increass
Stays proportionally the same as income increases
Decrease if the interest increases
Equlas taxes paid
Is saving
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Aggregate demand decreased, causing cost-push inflation
Agg. Demand increased, causing demand pull inflation
Aggg. supply increased, causing demand pulll inflation
Agg supply increased, causing cost puch inflation
Aggregate supply decreased, causing cost push inflation
The vbalue of goods produced in the domestic economy but sold in other countries
The value of goods produced in other counties but purchases domestically
The largest catagory oof expenditure in the calculation of GDP
The value of imports mines the value of exportss
The value of exports minus the value of imports
Loss of slef -respect by those who are unepmloyed
Waste oof economy resources
Negative psychological effects on those who have lost heir jobs
Higher rates of inflation
Loss of income by those who are unemployed
Actual output can ezual potential output
Cyclical unemployment can exist
Structural employment can exist
Fricational unemployment can exist
Real and nomianl GDO can fidder
Business increase production
The potential output level shifts rightward
Initially, the short run aggregate supply curve shifts rightward; later, there is an upward movement along that curve
Initialy, the short run aggregate supply curve shifts rightwars, later, there is a downward movement along that curve
A contractionary gap develops
Make the consumption function steeper
Shift the consumption function downward
Result in the movement upward along the consumption function
Result in a movement downward along the consumption function
Make the consumption function flatter
Real wage equals the nominal wage
Price level in constant
Expected real wage equals inflation rate
Espected price level equals the unemployemtn rate
Expcted price level equals the actual price level
The actual price level equals the expected price level
Agregate quantitiy supplied equlas potential output
Aggregate quantitiy demanded equals potential output
Aggregate quantity supplied equals aggregate quantity demanded
The aggregate demand curve is horizontal at the potential output level
Saving
Unplanned inventory change
Planned investment
Margnial propensity to save
Marginal propensity to consume
30
60
85
90
70
Output is fixed
Prices can change but the output level is fixed
Some resourse prices are fixed
Prices are fixes but the output level can chane
Both prices and ourput are fixed
Increase by $100 billion
Not change
Increase by ($100) billion/ PMC
Increase by $100 billion*MPS
Increase by $100 billion/MPS
The smaller the marginal propensity to consume
The smaller the multiplier
The flatter the consumption function
The steeper the consumption function
The steeper the savings function
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Aggregate supply adjust to equal aggfregate demand
Excess affrefate supply is bought
Excess aaggregate demand is fulfilled
Real wages are constant
All resouse prices can be varied
A downward shift of the agg expenditure line and a movement upward along the agg demand curve
A downward shift of the agg expend line and a shift to the left in the agg demand curve
A downward shift of the agg expenditure line and a shift to the left in the agg demand curve
An upward shit of the agg expenditure line and a rightward shift of the agg demand curve
An upward shift of the agg expenditure line and a leftward shift of the agg dmeand curve
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