practicetest-Ch9 Results

practicetest-Ch9 Results - practicetest-Ch9 Results

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25% (6 out of 24 correct) 1. Short-run fluctuations in output and employment are called: A. sectoral shifts. B. the classical dichotomy. C. business cycles. D. productivity slowdowns. 2. Most economists believe that prices are: A. flexible in the short run but many are sticky in the long run. B. flexible in the long run but many are sticky in the short run. C. sticky in both the short and long runs. D. flexible in both the short and long runs. 3. Possible explanations for sticky magazine prices include the hypotheses that the costs of charging the wrong price may ______, and perhaps customers ______ frequent price changes inconvenient. A. be great; do not find B. be great; find C. not be great; find D. not be great; do not find 4. A difference between the economic long run and the short run is that: A. the classical dichotomy holds in the short run but not in the long run. B. monetary and fiscal policy affect output only in the long run. C. demand can affect output and employment in the short run, whereas supply is the ruling force in the long run. D. prices and wages are sticky in the long run only. 5. The relationship between the quantity of output demanded and the aggregate price level is called: practicetest-Ch9 Results http://www.colorado.edu/Economics/courses/fall06-3080-003/practicetes. .. 1 of 6 11/6/2009 3:30 PM
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A. aggregate demand. B. aggregate supply. C. aggregate output. D. aggregate consumption. 6. If an aggregate demand curve is drawn with real GDP ( Y ) along the horizontal axis and the price level ( P ) along the vertical axis, using the quantity theory of money as a theory of aggregate demand, this curve slopes ______ to the right and gets ______ as it moves further to the right. A.
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This note was uploaded on 11/17/2009 for the course ECO 121212 taught by Professor Smith during the Spring '09 term at Culver-Stockton.

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practicetest-Ch9 Results - practicetest-Ch9 Results

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