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Question 41 / 1 ptsThe aggregate supply curve can shift to the left in response to all of the following factorsEXCEPT __________.natural resource depletionCorrect!a higher standard of livinga decline in the size or quality of the labor forceregulations or taxes that discourage productive activityQuestion 51 / 1 ptsAccording to monetarists, if the money supply expands, how are households most likely to respond?Correct!
Question 61 / 1 ptsTo what are changes in employment and unemployment MOST closely linked?Question 71 / 1 ptsThe Great Recession occurred in __________.1929–1933
Correct!2007–2009Question 81 / 1 ptsKeynesians believe that the private economy will adjust too slowly to economic disturbances, so discretionary macro policy should be used by the government. In response, monetarists argue that __________.the economy does not adjust at all to economic disturbances and therefore should be left aloneCorrect!the economy adjusts much more quickly than Keynesians believe and should be left alonethe speed of adjustment is unimportant, because the economy is always close to full-employment equilibriumattempts by the government to speed up the adjustment process will be unsuccessful if the problem is sluggish economic growthChapter 15 Test Bank QuestionsAggregate Supply, Economic Growth, and Macroeconomic Policy51. What does a demand-based growth strategy primarily focus on?Question 91 / 1 ptsSome modern economists responded to supply-side economics with a politically liberal competing growth strategy known as __________ policy.
Question 101 / 1 ptsIn the mid-1970s, when inflation rates rose rather quickly and surprisingly, what occurred?