Student Final Exam

Student Final Exam - Name: _ Date: _ A) B) C) D) 1....

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Name: __________________________ Date: _____________ 1. Short-run fluctuations in output and employment are called: A) sectoral shifts. B) the classical dichotomy. C) business cycles. D) productivity slowdowns. 2. Okun's law is the ______ relationship between real GDP and the ______. A) negative; unemployment rate B) negative; inflation rate C) positive; unemployment rate D) positive; inflation rate 3. Long-run growth in real GDP is determined primarily by ______, while short-run movements in real GDP are associated with ______. A) variations in labor-market utilization; technological progress B) technological progress; variations in labor- market utilization C) money supply growth rates; changes in velocity D) changes in velocity; money supply growth rates 4. 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. 5. 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. Page 1
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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. 6. The aggregate demand curve is the ______ relationship between the quantity of output demanded and the ______. A)
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Student Final Exam - Name: _ Date: _ A) B) C) D) 1....

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