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Principles of Economics
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Chapter 18 / Exercise 10
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Chapter 5 & 19 1. Inflation is a. a sustained increase in the price level 2. The Employment Act of 1946 a. Imposed a responsibility on the federal government to foster full employment 3. If the U.S. price level decreases, the aggregate quantity of U.S. output demanded a. increases because U.S. products become cheaper relative to foreign products 4. Which decade is known as the "Golden Age of Keynesian Economics"? a. the 1960s 5. During the Great Depression, a. unemployment increased while output and prices decreased 6. A period of sustained decline of output in the economy is known as a(n) a. Contraction 7. Exhibit 5-2Exhibit 5-2 Refer to Exhibit 5-2. Which line or point represents the price level? ANSWER is Line B 8. Which of the following is a flow variable? a. investment spending 9. If spending by the federal government exceeds revenue, a. there is a federal budget deficit 10. To control inflation, President Nixon a. froze wages and prices 11. Which of the following is not a flow variable?
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Principles of Economics
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Chapter 18 / Exercise 10
Principles of Economics
Mankiw
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