�建 Microsoft Word �档

�建 Microsoft Word �档 - C HAP TER 8...

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CHAPTER 8 1. Alternating periods of economic growth and contraction in real GDP define: A) Capitalism. B) The business cycle. C) Macro equilibrium. D) Say's Law. 2. The statement "Supply creates its own demand" is known as: A) Say's Law. B) Keynes' Law. C) Okun's Law. D) A supply-side belief. 3. Unlike the Classical economists, Keynes asserted that: A) The private economy was inherently unstable. B) Laissez faire would lead to macro equilibrium. C) Prices and wages were flexible. D) Markets would naturally self-adjust. 4. The peak of a business cycle should be accompanied by: A) The lowest unemployment rate over the cycle. B) The highest rate of increase in the price level over the cycle. C) The greatest output of goods and services over the cycle. D) All of the above. 5. Changes in real GDP provide a way to measure: A) Inflation. B) Unemployment. C) Business cycles. D) All of the above. 6. When real GDP declines for two consecutive quarters, this is known as:
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This note was uploaded on 04/11/2011 for the course ECO 2251 taught by Professor Kirkland during the Fall '09 term at Troy.

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�建 Microsoft Word �档 - C HAP TER 8...

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