ECO 102 MIDTERM EXAM

Jun 27th, 2016
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1) On an aggregate demand and aggregate supply graph, the stagflation of the 1970s can be represented as a a. leftward shift of the aggregate supply curve b. rightward shift of the aggregate supply curve c. rise in the price level that caused an excess demand for output d. rightward shift of the aggregate demand curve e. decrease in the price level that caused an excess supply of output 2) Economic fluctuations (or business cycles) a. Are changes in the number of business started b. are fluctuations in the Dow Jones industrial average relative to a long-term growth trend c. look at the role of business in the hiring resources d. are fluctuations in the level of economic activity, relative to a long-term growth trend e. are changes in govt spending that occur over a period of years 3) According to Keynes, "animal spirits" a. make investment spending unstable b. make consumption spending unstable c. make government spending inherently stable d. guide the economy back to e

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ECO 102 MIDTERM EXAM1) On an aggregate demand and aggregate supply graph, the stagflation of the 1970s can berepresented as aa. leftward shift of the aggregate supply curveb. rightward shift of the aggregate supply curvec. rise in the price level that caused an excess demand for outputd. rightward shift of the aggregate demand curvee. decrease in the price level that caused an excess supply of output2) Economic fluctuations (or business cycles)a. Are changes in the number of business startedb. are fluctuations in the Dow Jones industrial average relative to a long-term growth trendc. look at the role of business in the hiring resourcesd. are fluctuations in the level of economic activity, relative to a long-term growth trende. are changes in govt spending that occur over a period of years3) According to Keynes, "animal spirits"a. make investment spending unstableb. make consumption spending unstablec. make government spending inherently stabled. guide the economy back to equilibrium after a disruptione. create the federal government budget deficits that have become so common today4) The Reagan administration's 1981 investment tax changes were designed toa. stimulate aggregate demand and thereby reduce unemploymentb. stimulate aggregate demand and thereby increase economic growthc. stimulate aggregate supply and thereby increase economic growthd. decrease aggregate demand in order to reduce inflatione. increase tax revenues to reduce the federal budget

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