When the economy is at point 3 in figure 23 1 a

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67) When the economy is at point 3 in Figure 23-1, (a) output exceeds aggregate demand. (b) output is below the equilibrium level of output. (c) output is above the equilibrium level of output. (d) the economy is in equilibrium. Answer: B Question Status: Revised 68) When the economy is at point 3 in Figure 23-1, 69) When the economy is at point 3 in Figure 23-1, 70) When the economy is at point 3 in Figure 23-1, Chapter 23 The Keynesian Framework and the ISLM Model 837 71) When the economy is at point 3 in Figure 23-1, (a) aggregate demand exceeds output. (b) output is above the equilibrium level of output. (c) both (a) and (b) of the above. (d) neither (a) nor (b) of the above. Answer: A Question Status: Revised 72) When the economy is at point 3 in Figure 23-1, 73) When the economy is at point 3 in Figure 23-1, 74) The multiplier effect refers to the fact that changes in autonomous expenditure cause larger changes in 75) The expenditure multiplier is the ratio of (a) the change in equilibrium output to a change in the monetary base. (b) the change in the money supply to a change in the monetary base. (c) the change in the money supply to a change in the autonomous expenditure. (d) the change in equilibrium output to a change in the autonomous expenditure. Answer: D Question Status: Previous Edition
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838 Frederic S. Mishkin • Economics of Money, Banking, and Financial Markets, Seventh Edition
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