A) supply shocks.
B) demand shocks.
C) unexpected changes in the availability of imported resources.
D) negative supply shocks.
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A) the value of nominal GDP after adjustments have been made for changes in the price level.
B) the value of nominal GDP minus the environmental pollution and changes in the distribution of income.
C) the value of the current total output plus the value of intermediate goods.
D) GDP data which reflect changes in both physical output and environmental damage.
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A) Coin-operated laundry machines
B) Newspapers
C) Taxi fares
D) Haircuts
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A) China
B) France
C) Russia
D) Japan
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A) the buying of shares of Fidelity mutual funds
B) the purchase of a new machinery by McCain Food
C) the selling of Boeing stock by a businessman
D) the selling of GE corporate bonds
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A) it involves uncertainty about the future.
B) higher savings means higher levels of consumption for individuals.
C) the investment decisions are independent from the decisions about savings.
D) savings are taken by businesses while investments are done by households.
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A) the economy behaves similarly to demand shocks regardless of the length of time.
B) the price flexibility is a short-run phenomenon while, the price stickiness is a long-run phenomenon.
C) the economy behaves so differently depending on how much time has passed after a demand shock.
D) various government policies are useless to eliminate the effects of an unexpected demand shock.
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A) banks collect the savings and invest it in the stock market.
B) banks collect the savings, rewarding the savings by interest and dividend payments and, lend the funds to businesses who in turn buy equipment, factories and capital goods.
C) banks collect the savings and lend the funds to the government who in turn redistribute it through different kinds of subsidies.
D) financial institutions do not have a major role in this process.
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A) the higher is the current level of investment and higher the future level of consumption.
B) the lower is the current level of investment and lower the future level of consumption.
C) the higher is the current level of investment and lower the future level of consumption.
D) the lower is the current level of investment and higher the future level of consumption.
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A) 1 percent.
B) 1.5 percent.
C) 2.2 percent.
D) 3.5 percent.
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A) the purchase of government bonds by the nation's central bank
B) the purchase of a laptop by a university student to prepare her class projects
C) the construction of a new factory by Intel
D) the purchase of shares of stock by Manulife, a mutual fund company
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A) changes in output and employment levels rather than through changes in prices.
B) changes in prices rather than through changes in employment.
C) changes in employment but not in output.
D) changes in output but not in the employment.
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A) producing different levels of goods and services according to the changes in demand.
B) switching to the production of another product in the short-run.
C) maintaining an inventory.
D) closing down the production in the short-run with the hope that the situation would change in the future.
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A) the quantity demanded will be 900 cars per week if the demand is DL.
B) the quantity demanded will be 700 cars per week if the demand is DL.
C) the quantity demanded will be 1150 cars per week if the demand is DL.
D) the quantity demanded will be 1150 cars per week if the demand is DM.
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A) the purchase of machinery by ABC Manufacturing Company
B) the purchase of 50 shares of Aliant by a retired business executive
C) construction of a housing project for the homeless
D) the increase in the inventory on a grocer's shelf
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A) many firms will face a constant reduction in their inventories.
B) many firms will face with an inventory pile up and will be forced to cut production.
C) many firms will face with an inventory pile up and will be forced to hire more workers.
D) many firms will face a constant reduction in their inventories and will be forced to hire more workers.
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A) not say anything about the average annual rate of growth.
B) conclude that its average annual rate of growth is about 5.5 percent.
C) conclude that its average annual rate of growth is about 2 percent.
D) conclude that its average annual rate of growth is about 4 percent.
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A) the firms would allow their prices to change accordingly.
B) the firms would be hesitant to allow their prices to change accordingly.
C) the firms would not allow their prices to change.
D) the firms would change the quality of their products but not the prices.
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