曼昆《经济学原理》(宏观)第五版测试题库(33)

Chapter33/AggregateDemandandAggregateSupply2185Chapter33/AggregateDemandandAggregateSupply21852184Chapter33AggregateDemandandAggregateSupplyTRUE/FALSEAccordingtoclassicalmacroeconomictheory,changesinthemoneysupplychangenominalbutnotrealvariables.ANS:TDIF:1REF:33-2NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:ClassicaleconomicsMSC:DefinitionalBecauseeconomistsunderstandwhatthingschangeGDP,theycanpredictrecessionswithafairamountofaccuracy.ANS:FDIF:1REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:EconomicfluctuationsMSC:AnalyticalMostmacroeconomicvariablesthatmeasuresometypeofincome,spending,orproductionfluctuatecloselytogether.ANS:TDIF:1REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:EconomicfluctuationsMSC:InterpretiveLikerealGDP,investmentfluctuates,butitfluctuatesmuchlessthanrealGDP..ANS:FDIF:1REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Economicfluctuations|InvestmentMSC:DefinitionalWhenoutputrises,unemploymentfalls.ANS:TDIF:1REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Economicfluctuations|UnemploymentMSC:DefinitionalAnincreaseinthemoneysupplycausesoutputtoriseinthelongrun.ANS:FDIF:1REF:33-2NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:MonetaryneutralityMSC:DefinitionalMosteconomistsbelievethatclassicaltheorydescribestheworldintheshortrunbutnotinthelongrun.ANS:FDIF:1REF:33-2NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:ClassicaldichotomyMSC:InterpretiveAchangeinthemoneysupplychangesonlynominalvariablesinthelongrun.ANS:TDIF:1REF:33-2NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:MonetaryneutralityMSC:DefinitionalTheexplanationsfortheslopesoftheaggregatedemandandshort-runaggregatesupplycurvesarethesameastheexplanationsfortheslopesofdemandandsupplycurvesforspecificgoodsandservices.ANS:FDIF:1REF:33-2NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Aggregatedemandslope|Short-runaggregatesupplyslopeMSC:DefinitionalTheaggregate-demandcurveshowsthequantityofdomesticgoodsandservicesthathouseholds,firms,thegovernment,andcustomersabroadwanttobuyateachpricelevel.ANS:TDIF:2REF:33-2NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Aggregate-demandcurveMSC:DefinitionalAdecreaseinthepricelevelmakesconsumersfeelwealthier,sotheypurchasemore.Thislogichelpsexplainwhytheaggregatedemandcurveslopesdownward.ANS:TDIF:1REF:33-3NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:WealtheffectMSC:AnalyticalOtherthingsthesame,adecreaseinthepricelevelmakestheinterestratedecrease,whichleadstoadepreciationofthedollarintheforeign-currencyexchange.ANS:TDIF:2REF:33-3NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Wealtheffect|Exchange-rateeffectMSC:AnalyticalTheexchange-rateeffectistheideathatahigherU.S.pricelevelcausesthevalueofthedollartoincreaseinforeignexchangemarkets,andthiseffectcontributestothedownwardslopeoftheaggregate-demandcurve.ANS:TDIF:2REF:33-3NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:AggregatedemandslopeMSC:InterpretiveThedownwardslopeoftheaggregatedemandcurveisbasedonlogicthatasthepricelevelrises,consumption,investment,andnetexportsallfall.ANS:TDIF:2REF:33-3NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:AggregatedemandslopeMSC:InterpretiveAggregatedemandshiftstotheleftifthemoneysupplyincreases.ANS:FDIF:1REF:33-3NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Aggregatedemandshifts|MonetarypolicyMSC:ApplicativeAdecreaseinthemoneysupplycausestheinterestratetorisesothatinvestmentfalls.ANS:TDIF:2REF:33-3NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Aggregatedemandshifts|MoneysupplyMSC:AnalyticalIfspeculatorsbidupthevalueofthedollarinthemarketforforeign-currencyexchange,U.S.aggregatedemandwouldshifttotheleft.ANS:TDIF:2REF:33-3NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Aggregatedemandshifts|NetexportsMSC:AnalyticalTheeffectofachangeinthevalueofthedollarintheforeignexchangemarketduetoachangeinthepricelevelhelpsexplaintheslopeofaggregatedemand,butdoesnotshiftit.Theeffectsofachangeinthevalueofthedollarintheforeignexchangemarketduetospeculationisshownbyshiftingtheaggregatedemandcurve.ANS:TDIF:3REF:33-3NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Aggregate-demandcurveMSC:AnalyticalAnincreaseinthemoneysupplyshiftsthelong-runaggregatesupplycurvetotheright.ANS:FDIF:1REF:33-4NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Long-runaggregatesupply|MonetarypolicyMSC:ApplicativeTechnologicalprogressshiftsthelong-runaggregatesupplycurvetotheright.ANS:TDIF:1REF:33-4NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:EconomicgrowthandinflationMSC:Applicativeword文档可自由复制编辑word文档可自由复制编辑Otherthingsthesame,technologicalprogressraisesthepricelevel..ANS:FDIF:2REF:33-4NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:EconomicgrowthandinflationMSC:ApplicativeBecausethepriceleveldoesnotaffectthelong-rundeterminantsofrealGDP,thelong-runaggregate-supplyisvertical.ANS:TDIF:1REF:33-4NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Long-runaggregatesupplyMSC:InterpretiveWecouldexplaincontinuedincreasesinbothoutputandthepricelevelbysupposingthatonlyaggregatedemandshiftedrightovertime.ANS:FDIF:2REF:33-4NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:EconomicgrowthandinflationMSC:AnalyticalIfnotallpricesadjustinstantlytochangingeconomiccircumstances,anunexpectedfallinthepricelevelleavessomefirmswithhigher-than-desiredprices,andthesehigher-than-desiredpricesdepresssalesandinducefirmstoreducethequantityofgoodsandservicestheyproduce.ANS:TDIF:1REF:33-4NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:MisperceptionstheoryMSC:InterpretiveAllexplanationsfortheupwardslopeoftheshort-runaggregatesupplycurvesupposethatthequantityofoutputsuppliedincreaseswhentheactualpricelevelexceedstheexpectedpricelevel.ANS:TDIF:1REF:33-4NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Short-runaggregatesupplyslopeMSC:InterpretiveTheonlywaytorationalizeanupwardslopefortheshort-runaggregate-supplycurveistoarguethatwagesarestickyintheshortrun.ANS:FDIF:2REF:33-4NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Short-runaggregate-supplycurveMSC:InterpretiveAnincreaseintheactualpriceleveldoesnotshifttheshort-runaggregatesupplycurve,butanexpectedincreaseinthepricelevelshiftstheshort-runaggregatesupplycurvetotheleft.ANS:TDIF:2REF:33-4NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Short-runaggregatesupplyMSC:AnalyticalFluctuationsinrealGDParecausedonlybychangesinaggregatedemandandnotbychangesinaggregatesupply.ANS:FDIF:1REF:33-5NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Short-runequilibrium|EconomicfluctuationsMSC:DefinitionalIncreaseduncertaintyandpessimismaboutthefutureoftheeconomyleadsfirmstodesirelessinvestmentspendingwhichshiftstheaggregate-demandcurvetotheleft.ANS:TDIF:1REF:33-5NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Aggregatedemandshifts|PessimismMSC:ApplicativeIncreasedoptimismaboutthefutureleadstorisingpricesandfallingunemploymentintheshortrun.ANS:TDIF:2REF:33-5NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Short-runequilibrium|PessimismMSC:AnalyticalChapter33/AggregateDemandandAggregateSupply2187ANS:TDIF:1REF:33-PAGE\*MERGEFORMAT#NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:KeynesMSC:DefinitionalChapter33/AggregateDemandandAggregateSupply2187ANS:TDIF:1REF:33-PAGE\*MERGEFORMAT#NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:KeynesMSC:DefinitionalInresponsetoadecreaseinoutput,theeconomywouldreverttoitsoriginallevelofpricesandoutputwhetherthedecreaseinoutputwascausedbyadecreaseinaggregatedemandoradecreaseinaggregatesupply.ANS:FDIF:2REF:33-5NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Long-runequilibriumMSC:AnalyticalIfaggregatedemandshiftsright,theneventuallypricelevelexpectationsrise.Theincreaseinpricelevelexpectationscausestheshort-runaggregate-supplycurvetoshifttotheleft.ANS:TDIF:2REF:33-5NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Long-runequilibriumMSC:AnalyticalIfaggregatedemandandaggregatesupplybothshiftright,wecanbesurethatthepricelevelishigherintheshortrun.ANS:FDIF:2REF:33-5NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Short-runequilibriumMSC:AnalyticalEconomistsmostlyagreethattheGreatDepressionwasprincipallycausedbyfactorsthatshiftedshort-runaggregatesupplyleft.ANS:FDIF:1REF:33-5NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:GreatDepressionMSC:DefinitionalTheprimarypurposeoftheaggregatedemandandaggregatesupplymodelistodemonstratetheclassicaldichotomy.ANS:FDIF:1REF:33-4NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:AggregatedemandandaggregatesupplymodelMSC:InterpretiveIncreasedoutputandpricesintheUnitedStatesintheearly1940sweremostlytheresultofincreasedgovernmentexpenditures.ANS:TDIF:1REF:33-5NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:WorldWarIIMSC:DefinitionalDuringWorldWarIIgovernmentexpendituresincreasedalmostfive-foldandoutputalmostdoubled.ANS:TDIF:2REF:33-5NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:WorldWarIIMSC:DefinitionalStagflationresultsfromcontinueddecreasesinaggregatedemand.ANS:FDIF:2REF:33-5NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:StagflationMSC:ApplicativeIfthecentralbankincreasedthemoneysupplyinresponsetoadecreaseinshort-runaggregatesupply,unemploymentwouldreturntowardsitsnaturalrate,butpriceswouldriseevenmore.ANS:TDIF:2REF:33-5NAT:AnalyticLOC:FiscalandmonetarypolicyTOP:MonetarypolicyMSC:AnalyticalJohnMaynardKeynesadvocatedpoliciesthatwouldincreaseaggregatedemandasawaytodecreaseunemploymentcausedbyrecessions.word文档可自由复制编辑Chapter33/AggregateDemandandAggregateSupply2185word文档可自由复制编辑SHORTANSWERThelong-runtrendinrealGDPisupward.Howisthispossiblegivenbusinesscycles?Whatexplainstheupwardtrend?ANS:Thereareoccasionalshort-livedperiodsofnegativerealGDPgrowth.However,inmostyearsrealGDPincreases.TheyearsofincreasearemorefrequentandtheincreaseslargeenoughthatoverlongperiodsoftimerealGDPincreasesdespitetheoccasionaldeclines.Thelong-runupwardtrendinrealGDPisduetoincreasesinthelaborforceandcapitalstockandadvancesintechnologicalknowledge.DIF:2REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:EconomicgrowthandinflationMSC:InterpretiveWhatvariablesbesidesrealGDPtendtodeclineduringrecessions?GiventhedefinitionofrealGDP,arguethatdeclinesinthesevariablesaretobeexpected.ANS:VariablesthatfallalongwithrealGDPincludeemployment,incomes,investment,sales,andhomepurchases.GDPmaybemeasuredaseithertheproductionof,expenditureson,orincomegeneratedfromfinalgoodsandservices.Itfollowsthatanyothervariablethatcouldbeusedtomeasureproduction,expenditures,orincomewillgenerallymoveinthesamedirectionasGDP.DIF:2REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:EconomicfluctuationsMSC:InterpretiveWhatdomosteconomistsbelieveconcerningtherelationbetweenthepricelevelandrealoutput?ANS:Mosteconomistsbelievethatinthelongrun,realvariablesarenotaffectedbynominalvariables.So,forexample,changesinthemoneysupplydonotchangerealvariablesinthelongrun.However,mosteconomistsbelievethatnominalvariablesdochangerealvariablesintheshortrun.Intheshort-runpricesandwagesmaybefixedbasedontheexpectedpricelevel.Iftheactualpriceleveldiffersfromtheexpectedpricelevel,realvariablesareaffected.DIF:2REF:33-2NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Long-runequilibrium|Short-runequilibriumMSC:InterpretiveMakealistofexpenditureswhosesumequalsGDP.ANS:consumption,investment,governmentexpenditures,andnetexports.DIF:1REF:33-3NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Aggregate-demandcurveMSC:DefinitionalExplainhowanincreaseinthepricelevelchangesinterestrates.Howdoesthischangeininterestratesleadtochangesininvestmentandnetexports?ANS:Whenthepricelevelincreases,thepurchasingpowerofmoneyheldonhandandinbankaccountsdeclines.Thisdeclinemakespeoplefeellesswealthysothattheylendless.Thereductioninlendingcausestheinterestratetorise.Theriseininterestratesdiscouragesspendingoninvestmentgoodssothattheaggregatequantityofgoodsandservicesdemandeddecreases.Astheinterestrateincreases,thesupplyofdollarsinthemarketforforeign-currencyexchangefallsaspeoplewishtopurchasefewerforeignassets.Thismakesthedollarappreciatewhichdecreasesnetexports.DIF:3REF:33-3NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Aggregate-demandcurveMSC:AnalyticalMakealistofthingsthatwouldshifttheaggregatedemandcurvetotheright.ANS:Examples(andvariationsonexamples)inthetextincludeastockmarketboomthatincreasesconsumptionspending,ataxcutthatincreasesconsumption,improvementsincapitalgoodssuchascomputersthatincreaseinvestment,increasedoptimismaboutthefutureoftheeconomyinducesincreasedinvestment,aninvestmenttaxcredit,anincreaseinthemoneysupply,anincreaseingovernmentdefenseexpenditures,andeconomicexpansionsoverseasthatcreateincreasesinnetexports.DIF:2REF:33-3NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:AggregatedemandshiftsMSC:ApplicativeMakealistofthingsthatwouldshiftthelong-runaggregatesupplycurvetotheright.ANS:Examplesinthetext(orvariations)includeincreasedimmigration,adecreaseintheminimumwage,lessgenerousunemploymentinsurance,anincreaseinthecapitalstock,anincreaseintheaveragelevelofeducation,adiscoveryofnewmineraldeposits,advancesintechnology,andremovalofbarrierstointernationaltrade.DIF:2REF:33-4NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Short-runaggregatesupplyshiftsMSC:ApplicativeIllustratetheclassicalanalysisofgrowthandinflationwithaggregatedemandandlong-runaggregatesupplycurves.ANS:Seegraph.Overtime,technologicaladvancescausethelong-runaggregatesupplycurvetoshiftright.Increasesinthemoneysupplycausetheaggregatedemandcurvetoshiftright.Outputgrowthputsdownwardpressureonthepricelevel,butmoneysupplygrowthcontributestorisingprices.DIF:2REF:33-4NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:EconomicgrowthandinflationMSC:AnalyticalUsesticky-wagetheorytoexplainwhyanincreaseintheexpectedpricelevelshiftstheaggregatesupplycurve.ANS:Whenpeopleexpectthepriceleveltoincrease,wagebargainingwillleadtohigherwages.Theincreaseinwagesraisesthecostsofproduction.Sofirmswillsupplylessatanyactualpricelevel.DIF:2REF:33-4NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Sticky-wagetheoryMSC:AnalyticalKeynesthoughtthatthebehavioroftheeconomyintheshortrunwasinfluencedbywhathecalled"animalspirits."Bythishemeantthatbusinesspeoplesometimesfeltgoodabouttheeconomy,andcarriedoutlotsofinvestment,andatothertimesfeltbadabouttheeconomy,andsocutbackontheirinvestmentspending.ExplainhowsuchfluctuationsininvestmentwouldleadtofluctuationsinrealGDPandprices.ANS:Fluctuationsininvestmentcausetheaggregatedemandcurvetoshift.Iftheaggregatedemandcurveshiftstotheright,realGDPandthepricelevelrise.Iftheaggregatedemandcurveshiftstotheleft,realGDPandthepricelevelfall.Soerraticmovementsininvestmentcancausefluctuationsinoutput.DIF:2REF:33-5NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:KeynesMSC:ApplicativeSupposethatadecreaseinthedemandforgoodsandservicespushestheeconomyintorecession.Whathappenstothepricelevel?Ifthegovernmentdoesnothing,whatensuresthattheeconomystilleventuallygetsbacktothenaturalrateofoutput?ANS:Adecreaseinaggregatedemandcausesthepriceleveltofall.Ifthegovernmenttakesnoactiontocounterthis,thentheactualpricelevelwillbebelowthepricelevelthatpeopleexpected.Individualswilleventuallycorrecttheirexpectationsaboutthepricelevel.Astheydoso,pricesandwageswilladjustaccordingly,shiftingtheaggregatesupplycurvetotheright.Forexampleifwagesaresticky,inlightofthelowerpricelevel,firmsandworkerswilleventuallymakebargainsforlowernominalwages.Thereductioninwageslowerscostsofproduction,sofirmsarewillingtoproducemoreatanygivenpricelevel.Consequently,theshort-runaggregatesupplycurveshiftsright.Therightwardshiftinaggregatesupplyeventuallycausesoutputtorisebacktothenaturalrate.DIF:3REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Long-runequilibriumMSC:AnalyticalSec00-AggregateDemandandAggregateSupply-IntroductionMULTIPLECHOICEMosteconomistsusetheaggregatedemandandaggregatesupplymodelprimarilytoanalyzeshort-runfluctuationsintheeconomy.theeffectsofmacroeconomicpolicyonthepricesofindividualgoods.thelong-runeffectsofinternationaltradepolicies.productivityandeconomicgrowth.ANS:ADIF:1REF:33-0NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:AggregatedemandandsupplymodelMSC:InterpretiveMosteconomistsusetheaggregatedemandandaggregatesupplymodelprimarilytoanalyzeshort-runfluctuationsintheeconomy.theeffectsofmacroeconomicpolicyonthepricesofindividualgoods.thelong-runeffectsofinternationaltradepolicies.productivityandeconomicgrowth.ANS:ADIF:1REF:33-0NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:AggregatedemandandsupplymodelMSC:InterpretiveSec01-AggregateDemandandAggregateSupply-ThreeKeyFactsAboutEconomicFluctuationsMULTIPLECHOICEHistoricalevidencefortheU.S.economyindicatesthatrecessionshaveoccurredroughlyonceeverysixyearssincethe1960s.theunemploymentrateusuallydecreasesduringarecessionandincreasesshortlyaftertherecessionends.realGDPusuallyremainsroughlyconstantduringarecessionanddecreasesshortlyaftertherecessionends.changesinrealGDPoverthebusinesscyclearelargelyattributabletochangesininvestmentoverthebusinesscycle.ANS:DDIF:2REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Economicfluctuations,investmentMSC:InterpretiveWhichofthefollowingiscorrect?Shortrunfluctuationsineconomicactivityhappenonlyindevelopingcountries.Duringeconomiccontractionsmostfirmsexperiencerisingsales.Recessionscomeatregularintervalsandareeasytopredict.WhenrealGDPfalls,therateofunemploymentrises.ANS:DDIF:1REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:FactsabouteconomicfluctuationsMSC:DefinitionalWhichofthefollowingexplainswhyproductionrisesinmostyears?increasesinthelaborforceincreasesinthecapitalstockadvancesintechnologicalknowledgeAlloftheabovearecorrect.ANS:DDIF:1REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:GrowthMSC:DefinitionalWhichofthefollowingismostcommonlyusedtomonitorshort-runchangesineconomicactivity?a.theinflationraterealGDPaggregatedemandaggregatesupplyANS:BDIF:1REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:Economicfluctuations,realGDPMSC:InterpretiveArelaivelymildperiodoffallingincomesandrisingunemploymentiscalledadepression.recession.expansion.businesscycle.ANS:BDIF:1REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:BusinesscycleMSC:Definitionalword文档可自由复制编辑word文档可自由复制编辑Duringrecessionsworkersarelaidoff.factoriesareidle.firmsmayfindtheyareunabletosellalltheyproduce.Alloftheabovearecorrect.ANS:DDIF:1REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:BusinesscycleMSC:DefinitionalDuringarecessiontheeconomyexperiencesrisingemploymentandincome.risingemploymentandfallingincome.risingincomeandfallingemployment.fallingemploymentandincome.ANS:DDIF:1REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:BusinesscycleMSC:DefinitionalWhenwesaythateconomicfluctuationsare“irregularandunpredictable,”wemeanthattherelationshipbetweenoutputandunemploymentiserraticanddifficulttocharacterize.whenonemacroeconomicvariablethatmeasuresincomeorspendingisfalling,othermacroeconomicvariablesthatmeasureincomeorspendingarelikelytoberising.recessionsdonotoccuratregularintervals.Alloftheabovearecorrect.ANS:CDIF:2REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:EconomicfluctuationsMSC:InterpretiveWhichofthefollowingiscorrect?Economicfluctuationsareeasilypredictedbycompetenteconomists.Recessionshaveneveroccurredveryclosetogether.Othermeasuresofspending,income,andproductiondonotfluctuatecloselywithrealGDP.Noneoftheaboveiscorrect.ANS:DDIF:1REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:BusinesscycleMSC:DefinitionalWhichofthefollowingstatementsiscorrect?Mosteconomistsusethemodelofaggregatedemandandaggregatesupplytoanalyzeshort-runeconomicfluctuations.Economicfluctuationsareessentiallyunrelatedtochangesinbusinessconditions.Economicfluctuationsfollowaregular,predictablepattern.Alloftheabovearecorrect.ANS:ADIF:1REF:33-1NAT:AnalyticLOC:AggregatedemandandaggregatesupplyTOP:EconomicfluctuationsMSC:InterpretiveDuringrecessionswhichtypeofspendingfalls?consumptionandinvestmentinvestmentbutnotconsumptionconsumptionbutnotinvestmentneitherconsumptionn