
Exam 3
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18 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
During the oil crisis of the 1970s, what immediate economic effect did the quadrupling of oil prices by OPEC have on many Western Economies?
A significant increase in the stock market valuations
A rapid growth in the technology sector
Stagflation, characterized by high inflation and high unemployment
A decrease in consumer spending on luxury goods
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The Neoclassical school of macroeconomic thought generally advocates for which of the following approaches to managing economic fluctuations?
Acitve government intervention through fiscal policies to smooth out economic cycles
Minimal intervention other than some supply-side policies
Regular and significant adjustments to the central bank's interest rates to manage inflaiton and unemployment
Large-scale public works programs to directly create employment and stimulate demand
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following would lead to an outwards shift of the long-run aggregate supply curve?
A decrease in the wage rates
A decrease in input costs
Both a and b
Neither a nor b
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An increase in the real interest rate would lead to an ______ shift of the ______ curve.
Inward; AD
Inward; SRAS
Outwards; AD
Outwards; SRAS
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Economic theory suggests that fluctuations in economic activity are a natural part of the economic cycle. Which of the following statements best describes the predictability of these fluctuations?
Economic fluctuations are completely predictable with modern economic models
While some patterns and indicators can forecast economic trends, exact timing and magnitude of fluctuations are difficult to predict accurately
Economic fluctuations occur entirely at random, with no discernible patterns or indicators
Economic fluctuations are solely dependent on government discal policy, making them highly predictable
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When price levels rise, people must spend more of their money to continue making the same purchases they previously did, causing a reduction in savings (leading to changes in the loanable funds market). This is one reason why the aggregate demand curve is downward sloping and is called the ________.
Foreign price effect
Sticky wealth theory
Real wealth effect
Interest rate effect
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following shifts occurred during the COVID pandemic?
A decrease in the AD curve
A decrease in the SRAS curve
Both A and B
Neither A nor B
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