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1. It is true that: A. equal increases in government spending and taxes do not change the equilibrium GDP.B. equal increases in government spending and taxes reduce the equilibrium GDP.C. equal increases in government spending and taxes increase the equilibrium GDP.D. taxes have a stronger effect upon equilibrium GDP than do government purchases. 2. What will be the effect of an excess of planned investment over saving in a private closed economy with unemployed resources? A. a decline in the rate of interestB. an unintended accumulation of inventories by businessesC. a rise in the real GDPD. the Federal budget will automatically move toward a deficit 3. All of the following are economic implications of the recent rise in the average rate of productivity growth except: A. a lower natural rate of unemployment.B. larger outward shifts of the economy’s production possibilities curve.C. an end to the business cycle.D. a greater rate of economic growth.9. The historical reallocation of labor from agriculture to manufacturing in the United States has: A. been inflationary.B. had no effect on the average productivity of labor.C. increased the average productivity of labor.D. reduced the average productivity of labor.14. The actual multiplier effect in the U.S. economy is less than the multiplier effect in the text examples because: A. the real-world MPS is larger than the MPS in the examples.B. in addition to saving, households use some of any increase in income to buy imported goods and to pay additional taxes.C. the gap between the nominal interest rate and the real interest rate widens as the economy expands or contracts.D. the MPC in the United States is greater than 1. 15. A private closed economy will expand when: A. actual GDP is less than potential GDP.B. unplanned decreases in inventories occur.C. aggregate expenditures are less than GDP.D. unplanned increases in inventories occur.19. Most economists agree that the immediate determinant of the volume of output and employment is the: A. composition of consumer spending.B. ratio of public goods to private goods production.C. level of total spending.D. size of the labor force.
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