Aggregate Expenditures Quiz

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Other
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University
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Medium

Katie Lotz
Used 20+ times
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15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the main difference between the short-run and the long-run in economics?
In the short-run, potential production is considered, while in the long-run, current production is the focus.
In the short-run, some variables are fixed, while in the long-run, everything is variable.
In the short-run, the economy is self-correcting, while in the long-run, demand and supply forces adjust to full employment.
In the short-run, the economy is stable, while in the long-run, it is volatile.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Imagine you're in a thrilling economics quiz competition. The host asks, 'Who is known as the father of macroeconomics and launched a critique of classical economics?' What would be your answer?
Friedrich Hayek
Adam Smith
John Maynard Keynes
David Ricardo
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Bert and Ernie are playing a trivia game. They stumbled upon a question: 'What is the largest component of aggregate expenditures, representing nearly 70% of GDP?' Can you help them answer it?
Consumption
Net exports
Government spending
Investment
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Bert and Ernie are having a debate about economics. Bert insists that he knows the equation for the Keynesian consumption function. Can you help them settle the debate?
Bert says it's C = C + S
Ernie thinks it's C = Co + (MPC)(Yd)
Big Bird argues that it's Y = C + S
Or is it Y = C + I + G + (X - M) as suggested by their economics professor?
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for calculating the multiplier?
1 / (MPC - 1)
1 / (1 + MPC)
1 / (MPC + 1)
1 / (1 - MPC)
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the balanced budget multiplier when equal changes in government spending and taxation lead to an equal change in income?
0.5
2
1.5
1
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the term for the gap between where GDP currently is and where GDP would be at full employment assuming that the economy is currently underperforming?
Recessionary gap
Equilibrium gap
Inflationary gap
Stimulus gap
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