chapter24-2 - Taylor Economics Chapter 24 Test Bank...

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Cornerstones of Cost Management
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Chapter 15 / Exercise 22
Cornerstones of Cost Management
Hansen/Mowen
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Taylor Economics Chapter 24 Test BankMultiple Choice Questions1._______________________ are economists who generally emphasize the importance of aggregate supply in determining the size of the macroeconomy over the _____________.A. Keynesian economists; long runB. Keynesian economists; short runC. Neoclassical economists; long runD. Neoclassical economists; short runAnswer: C
Reference: Explanation: Type: Multiple Choice Difficulty: Medium Category: Understand2.Aggregate supply (AS) denotes the relationship between the __________________ that firms choose to produce and sell and the _________________, holding the price of inputs fixed.
Reference: Explanation: Type: Multiple Choice Difficulty: Medium Category: Understand3.The maximum quantity that an economy can produce, given its existing levels of labor, physical capital, technology, and institutions, is called:
Reference: Explanation: Type: Multiple Choice Difficulty: Easy Category: Remember4.The term ”full employment GDP” is synonymous with which of the following?
We have textbook solutions for you!
The document you are viewing contains questions related to this textbook.
Cornerstones of Cost Management
The document you are viewing contains questions related to this textbook.
Chapter 15 / Exercise 22
Cornerstones of Cost Management
Hansen/Mowen
Expert Verified
Reference: Explanation: Type: Multiple Choice Difficulty: Easy Category: Understand5.In macroeconomics, _____________________ denotes the relationship between the total quantity of goods and services and the price level for output.A. macroeconomic equilibriumB. aggregate supply (AS)C. aggregate demand (AD)D. potential GDPAnswer: C
Reference: Explanation: Type: Multiple Choice Difficulty: Easy Category: Remember6._________________ results when an economy experiences high unemployment and high inflation at the same time.
Reference: Explanation: Type: Multiple Choice Difficulty: Easy Category: Remember7.Say’s Law argues that a given ____________________ must create an equivalent ________________________ somewhere else in the economy.
Reference: Explanation: Type: Multiple Choice Difficulty: Medium Category: Remember
8.When the economy of a country is operating close to its full capacity:
Reference: Explanation: Type: Multiple Choice Difficulty: Medium Category: Understand

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