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National Income and Price Determination
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National Income and Price Determination
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25 Questions

1. If the MPC is 0.6, how much would the government need to spend if it desired a $25 billion dollar increase in national income?
2. The aggregate supply curve
3. When the full-employment level exceeds the level of aggregate expenditures, which of the following most likely develops?
4. When aggregate demand decreases, many businesses may choose to reduce employment over reducing wages because
5. The crowding out effect refers to the relationship between
6. The best explanation why the aggregate supply curve is vertical in the long run is
7. A change in spending may generate even larger or smaller changes in real GDP. This is known as the
8. Which of the following will cause the aggregate demand curve to shift to the right?
9. The interest rate effect suggests
10. All of the following will decrease real GDP EXCEPT
11. If the MPC is 0.6 and spending increases by $10 billion, income will
12. If the United States experienced another depression on the scale of the Great Depression of the 1930s, the government should take which of the following actions?
13. The biggest difference between the Phillips curve in the short run and the Phillips curve in the long run is
14. Refer to the following diagrams to answer this questionWhich of the preceding diagrams depict(s) a negative supply shock?
15. Imagine that investment increases by $10 billion and the MPC is 0.8. The aggregate demand curve will shift
16. An increase in investment spending will
17. Which of the following describes the aggregate supply curve in the long run?
18. The multiplier effect refers to
19. The full-employment equilibrium occurs at the intersection of
20. Which of the following factors will shift the aggregate supply curve to the right?
21. Macroeconomic equilibrium occurs when
22. Use the following diagram to answer this question - According to the preceding diagram, the most favorable shift of the aggregate supply curve in an economy would be
23. If the President of the United States wanted to measure inflation from 2003 to 2010, he or she would most likely examine the
24. The multiplier effect will be greater on aggregate demand if
25. "The aggregate demand curve slopes downward because"

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