Economics 12E - Arnold - TB_177

Economics 12E - Arnold - TB_177 - NATIONAL STANDARDS United...

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NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Understanding and applying - DISC: Understanding and applying economic models KEYWORDS: Bloom's: Application 72. Some economists believe the economy is self-regulating. What does this mean? a. It means the economy can remove itself from recessionary and inflationary gaps and produce at Natural Real GDP. b. It means the economy is always in long-run equilibrium producing Natural Real GDP. c. It means that inflationary gaps naturally change into recessionary gaps. d. It means that recessionary gaps naturally change into inflationary gaps. e. c and d ANSWER: a POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Understanding and applying - DISC: Understanding and applying economic models KEYWORDS: Bloom's: Comprehension 73. If the economy is self-regulating and in a recessionary gap, what happens? POINTS: 1 DIFFICULTY: Moderate NATIONAL STANDARDS: United States - BUSPROG: Analytic LOCAL STANDARDS: United States - OH - Default City - DISC: Understanding and applying - DISC: Understanding and applying economic models KEYWORDS: Bloom's: Application
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