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Economists mostly agree that the Great Depression was principally caused by factors that shifted short-run aggregate supply left.

A) True
B) False

Correct Answer

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An increase in the money supply causes output to rise in the long run.

A) True
B) False

Correct Answer

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The exchange-rate effect is the idea that a higher U.S.price level causes the value of the dollar to increase in foreign exchange markets,and this effect contributes to the downward slope of the aggregate-demand curve.

A) True
B) False

Correct Answer

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verified

The recession of 2008-2009 was associated with a fall in housing prices which shifted aggregate demand to the left.

A) True
B) False

Correct Answer

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The logic of the exchange-rate effect begins with a change in the price level changing the interest rate.

A) True
B) False

Correct Answer

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If aggregate demand and aggregate supply both shift right,we can be sure that the price level is higher in the short run.

A) True
B) False

Correct Answer

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The downward slope of the aggregate demand curve is based on logic that as the price level rises,consumption,investment,and net exports all fall.

A) True
B) False

Correct Answer

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The term ​business cycle​ implies that economic fluctuations follow a regular,predictable pattern.

A) True
B) False

Correct Answer

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An increase in the money supply causes the interest rate to fall,investment spending to rise,and aggregate demand to shift right.

A) True
B) False

Correct Answer

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Policymakers who influence aggregate demand can potentially mitigate the severity of economic fluctuations.

A) True
B) False

Correct Answer

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If aggregate demand shifts right,then eventually price level expectations rise.This increase in price level expectations causes the aggregate demand curve to shift to the left back to its original position.

A) True
B) False

Correct Answer

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Most economists believe that classical theory describes the world in the short run but not in the long run.

A) True
B) False

Correct Answer

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The recession of 2008-2009 was in many ways the worst macroeconomic event in more than half a century.

A) True
B) False

Correct Answer

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An increase in the money supply shifts the long-run aggregate supply curve to the right.

A) True
B) False

Correct Answer

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Although wages,incomes,and interest rates are most often discussed in nominal terms,what matters most are their real values.

A) True
B) False

Correct Answer

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According to classical macroeconomic theory,changes in the money supply change real GDP but not the price level.

A) True
B) False

Correct Answer

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Other things the same,a decrease in the price level makes the interest rate decrease,which leads to a depreciation of the dollar in the market for foreign-currency exchange.

A) True
B) False

Correct Answer

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The aggregate-demand curve shows the quantity of domestic goods and services that households,firms,the government,and customers abroad want to buy at each price level.

A) True
B) False

Correct Answer

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Other things the same,technological progress raises the price level.

A) True
B) False

Correct Answer

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A change in the money supply changes only nominal variables in the long run.

A) True
B) False

Correct Answer

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