macro sheflin hwk 3

macro sheflin hwk 3 - Review Assessment: hw 3 Name: Status:...

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Review Assessment: hw 3 Name: hw 3 Status: Completed Score: 94 out of 104 point(s) Time Elapsed: 31 minutes and 30 seconds out of 50 minutes allowed. Instructions: Question 1 Multiple Choice 2 of 2 point(s) Which is the most correct statement about the invisible hand? Your Answer: The invisible hand is more effective at ensuring efficiency than it is at ensuring equity. Question 2 Multiple Choice 2 of 2 point(s) According to Adam Smith, the success of decentralized market economies is primarily due to Your Answer: individuals' pursuit of self-interest. Question 3 Multiple Choice 2 of 2 point(s) The primary determinant of a country's standard of living is Your Answer: the country’s ability to produce goods and services. Question 4 Multiple Choice 2 of 2 point(s) The income of a typical worker in a country is most closely linked to which of the following? Your Answer: productivity Question 5 Multiple Choice 2 of 2 point(s) Large or persistent inflation is almost always caused by Your Answer: excessive growth in the quantity of money. Question 6 Multiple Choice 2 of 2 point(s) Which of the following is the most correct statement about the relationship between inflation and unemployment? Your Answer: In the short run, falling inflation is associated with rising unemployment. Question 7 Multiple Choice 2 of 2 point(s) The mainstream view among economists is that Your Answer: society faces a tradeoff between unemployment and inflation, but only in the short run. Question 8 Multiple Choice 2 of 2 point(s)
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The business cycle is the Your Answer: irregular fluctuations in economic activity. Question 9 Multiple Choice 2 of 2 point(s) In the short run Recessions in South Korea and Indonesia will cause Your Answer: the U.S. price level and real GDP to fall. Question 10 Multiple Choice 2 of 2 point(s) Which of the following would cause prices and real GDP to rise in the short run? Your Answer: Aggregate demand shifts right. Question 11 Multiple Choice 2 of 2 point(s) Which of the following would cause prices to fall and output to rise in the short run? Your Answer: Short-run aggregate supply shifts left. Question 12 Multiple Choice 2 of 2 point(s) Which of the following would cause prices to rise and real GDP to fall in the short run? Your Answer:
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macro sheflin hwk 3 - Review Assessment: hw 3 Name: Status:...

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