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Chapter 9--MacroTB - CHAPTER 9 An Introduction to the Short...

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MULTIPLE-CHOICE 1. John Maynard Keynes is famous for saying, “In the long run __________.” a. there is no tomorrow. b. we are all dead. c. the only thing we have to fear is fear itself. d. the study of economics will be redundant. e. None of the above. Answer: b. Section: Introduction 2. One implication of the Keynes quote, “In the long run we are all dead,” is __________. 3. The long-run model determines __________ and __________, while the short-run model determines __________ and __________. 4. The long-run model determines __________ and __________. 5. The short-run model determines __________ and __________. a. current output; current inflation b. current output; long-run inflation c. unemployment; current inflation d. unemployment; potential output e. potential output; unemployment Answer: a. Section: 9.2 6. Which of the following is not an example of a short- term macroeconomic “shock”? 84 An Introduction to the Short Run CHAPTER 9
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An Introduction to the Short Run | 85 7. Which of the following is not an example of a short- term macroeconomic “shock”? 8. Which of the following is not an example of a short- term macroeconomic “shock”? 9. Which of the following is not an example of a short- term macroeconomic “shock”? a. increased oil prices b. a drought c. increased military spending d. a change in the tax code e. None of the above. Answer: e. Section: 9.2
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