Exam 16: Theory and Reality

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Supply-side policy is determined by:

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Automatic stabilizers result in substantial design lags due to congressional deliberations about which stabilizer to use in a given situation.

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Refer to Figure 16.1. Refer to Figure 16.1.   -Refer to Figure 16.1.If the economy is initially in equilibrium at P<sub>1</sub> and Q<sub>2</sub>,the appropriate policy to move the economy to an equilibrium at P<sub>2</sub> and Q<sub>3</sub> would be to: -Refer to Figure 16.1.If the economy is initially in equilibrium at P1 and Q2,the appropriate policy to move the economy to an equilibrium at P2 and Q3 would be to:

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Stagflation is caused by a leftward shift of the aggregate supply curve.

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The multiple by which an initial change in aggregate spending will alter total expenditure after an infinite number of spending cycles is the:

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Supply-side policy includes:

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Adjustments to economic policy designed to counteract small changes in economic outcomes are known as:

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Tools for supply-side policy include:

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Which of the following is likely to cause stagflation,ceteris paribus?

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Implementation problems can cause economic policies to affect the economy after the underlying problems have changed.

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According to ______,an appropriate policy action during a recession is to improve production incentives by reducing tax rates and government regulation.

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In terms of inflation,the U.S.economy performed the best from:

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Which of the following will cause a decrease in the price level and an increase in output,ceteris paribus?

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All of the following are an example of an automatic stabilizer except for:

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Which of the following will reduce inflation by decreasing the growth rate of the money supply?

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Table 16.1 - Obstacles to the success of economic policy Table 16.1 - Obstacles to the success of economic policy    -When faced with rising prices,the Republicans and the Democrats disagree about how consumers will respond to a tax increase.(Choose from Table 16.1) -When faced with rising prices,the Republicans and the Democrats disagree about how consumers will respond to a tax increase.(Choose from Table 16.1)

(Multiple Choice)
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The News Wire article titled "Tough Calls in Economic Forecasting" suggests that:

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Monetary policy is determined by:

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Which of the following groups would advocate increasing government spending specifically on infrastructure development during a recession?

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Those who advocate the use of monetary policy believe that an increase in the money supply will shift the aggregate:

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