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ECO 372 Week 3 Apply Public Finance and Aggregate Demand and Supply Homework (100% Correct) (All Possible Question)
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ECO 372 Week 3 Apply Public Finance and Aggregate Demand and Supply Homework (100% Correct) (All Possible Question)

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Which of the following descriptions is most representative of the mix of revenues and expenditures of a local government?

 

Which of the following statements about payroll taxes is false?

 

 

A tax is regressive if it

 

 

Which of the following is not a government activity that is involved in public finance

 

 

Most economists believe that property taxes

 

 

A federal budget deficit exists when federal government

 

 

 

To track the public debt over time and understand its significance to the economy, it is best

Which is the most important source of tax revenue for local governments?

 

 

Many states in the U.S. acquire significant amounts of funds from the following, except

 

 

Which of the following is the largest expenditure item of state governments?

 

A public debt that is owed to foreigners can be burdensome because

 

One important reason why the United States government is not likely to go bankrupt even with a large public debt is that it has

 

Which of the following is not a significant source of revenue for the U.S. federal government?

 

A budget surplus means that

 

Public finance is the subdiscipline of economics that studies the various ways in which

 

How is the public debt calculated

 

The Social Security tax is regressive because

 

The circular flow model with government included would show that government

 

The two largest sources of tax revenue for the U.S. federal government are

 

Determine the effect on aggregate demand for each of the scenarios described below.

 

an increase in aggregate demand, shifting the aggregate demand curve to the right.

 

a decrease in aggregate demand, shifting the aggregate demand curve to the left

 

The long-run aggregate supply curve is vertical because:

all input prices are flexible in the long run

 

For each of the following scenarios, determine whether the situation described can be attributed to the real-balances effect, the interest-rate effect, or the foreign-purchases effect.

As a result of an increase in the price level, the cost of borrowing increases, which causes people to buy fewer cars.

Interest-rate effect

Correct

When the price level decreases, restaurants become busier as more people purchase restaurant meals.

Real-balances effect

 

Correct

 

a. In the short run, when the price level increases, the quantity of real GDP supplied will increase and

the aggregate supply curve will not shift .

 

b. In the short run, some input prices are said to be sticky. This means that:

•          

some input prices will remain constant even as the price level changes.

Correct

•          

all prices will remain constant in the economy.

•          

some firms will not be able to change the prices they charge.

Use the graph of Remi's economy to complete the following statements.

a. Point B is referred to as a trough .

 

b. The movement from point A to point E is called a business cycle .

 

For each of the examples below, determine the effect on aggregate demand.

 

 

a. In order to reduce the deficit, the government decides to increase the level of taxes in the economy. This causes:

a decrease in aggregate demand, shifting the aggregate demand curve to the left

 

b. The economy experiences a sustained expansion in stock prices for the majority of companies in the country. This causes:

 

The foreign purchases, interest rate, and real-balances effects explain why the ____________.

 

An increase in productivity will ____

 

increase aggregate supply

If at a particular price level, real output from producers is greater than real output desired by purchasers, then there will be a general _____

The long-run aggregate supply analysis assumes that ____

 

both input and product prices are variable

 

The short-run version of aggregate supply assumes that product prices are _____

flexible while resource prices are fixed

 

The aggregate supply curve (short run) ____

 

A decrease in expected returns on investment will most likely shift the AD curve to the ___

The short-run equilibrium for this economy is a

point g

Use the following graph to answer the next question.

 

 

 

A shift from AD2 shifts to AD1 would be consistent with what economic event in U.S. history

 

Great Recession of 2007-2009

 

Use the following graph, which shows an aggregate demand, to answer the next question

move the economy to point A

 

An increase in expected future income will __

 

Which of the following would not shift the aggregate demand curve

 

In the diagram, the economy's short-run AS curve is line _____ and its long-run AS curve is line _____

2; 1

The economy's long-run aggregate supply curve ____

is vertical

 

The intersection of the aggregate demand and aggregate supply curves determines the ____

equilibrium level of real domestic output and prices

 

An expected increase in the prices of consumer goods in the near future will ___

 

Which of the following factors does not explain the inverse relationship between the price level and the total demand for output

 

The upward slope of the short-run aggregate supply curve is based on the assumption that ____

 

wages and other resource prices do not respond to price level changes

 

If the price level increases from 150 to 250, the real output demanded will ____

decrease by $200 billion

 

A decrease in government spending will cause a(n) ___

decrease in aggregate demand

 

An increase in personal income taxes will cause a(n) ___

decrease (or shift left) in aggregate demand

 

A decrease in labor costs will cause aggregate ____

supply to increase

 

Which of the following events would most likely reduce aggregate demand

 

If the national incomes of our trading partners increase, then our aggregate demand ____

 

Which of the following transactions best represents the government making a transfer payment to a household or business

The federal government’s Supplemental Nutritional Assistance Program assists low-income families with purchasing food

The Social Security tax is regressive because

 

no Social Security tax is collected for incomes in excess of a "cap" income level

Which one of the following is not an excise tax of the federal government

Social Security contributions are part of

 

Which of the following is the largest expenditure item of local governments

The largest proportion of the U.S. public debt is held by

 

the U.S. public (individuals, businesses, financial institutions, and government).

For each of the following scenarios, determine the effect on aggregate supply.

 

a. There is an unexpected decrease in oil prices. This causes:

•          

a movement along the aggregate supply curve to the left, indicating a decrease in the quantity of real GDP supplied.

•          

a decrease in aggregate supply, shifting the aggregate supply curve to the left.

•          

a movement along the aggregate supply curve to the right, indicating an increase in the quantity of real GDP supplied.

•          

an increase in aggregate supply, shifting the aggregate supply curve to the right.

b. The government increases the amount that all producers are required to contribute to health insurance coverage. This causes:

•          

a decrease in aggregate supply, shifting the aggregate supply curve to the left.

•          

a movement along the aggregate supply curve to the right, indicating an increase in the quantity of real GDP supplied.

•          

an increase in aggregate supply, shifting the aggregate supply curve to the right.

•          

a movement along the aggregate supply curve to the left, indicating a decrease in the quantity of real GDP supplied.

 

 

Refer to the graph shown.

 

An economy is in both short- and long-run equilibrium at _____.

Use the following graph to answer the next question.

 

 

 

Which of the following factors does NOT explain a movement along the AD curve?

 The expenditure multiplier effect

he labels for the axes of an aggregate supply curve should be ____

If current output is Q1 and full-employment output is Q3, then in the long run the short aggregate supply schedule is __

AS3

An increase in aggregate demand is most likely to be caused by a(n) _____

If aggregate supply shifts from AS1 to AS2, then the price level will ___

The long-run aggregate supply curve is _____

Vertical

The labels for the axes of the aggregate demand graph should be ____

real domestic output on the horizontal axis and the price level on the vertical axis

An aggregate supply curve represents the relationship between the ____

When the price level decreases, ___

the demand for money falls and the interest rate fall

 

The aggregate demand curve or schedule shows the relationship between the total demand for output and the ____

price level

The economy's long-run AS curve assumes that wages and other resource prices

If current output is Q1 and full-employment output is Q2, then in the long run the short aggregate supply schedule is ___

AS2

If the economy is at point C and the price level increases by 100, then the real balances, interest-rate, and foreign purchases effects will ___

Which of the following effects best explains the downward slope of the aggregate demand curve

 

In the aggregate demand-aggregate supply model, the economy’s price level is assumed to be ___

Determine the effect on aggregate demand for each of the scenarios described below.

 

a. All European countries experience an economic expansion, raising incomes in each of the European countries. This causes

 

The government decides to decrease the amount it spends on the military. This causes

Aggregate demand is best described as the relationship between the

When output increases from Q1 and the price level decreases from P1, this change will __

be caused by a shift in the aggregate supply curve from AS1 to AS3If the price level decreases from 200 to 100, the real output demanded will ___

Which would most likely increase aggregate supply

An increase in productivity

 

In the diagram, the economy's relevant aggregate demand and long-run aggregate supply curves, respectively, are lines ___

4 and 1

 

Use the following table which shows the aggregate demand and aggregate supply schedules for a hypothetical economy to answer the next question.

 

Real Domestic Output Demanded (in billions)          Price Level (index value)        Real Domestic Output Supplied (in billions)

$3,000 350      $9,000

4,000   300      8,000

5,000   250      7,000

6,000   200      6,000

7,000   150      5,000

8,000   100      4,000

 

The equilibrium price and output levels will be _

 

If current output is Q1 and full-employment output is Q2, then in the long run the short aggregate supply schedule is ____

 

 

Use the following graph to answer the next question.

 

 

 

If AD1 shifts to AD2, then the equilibrium output increases from _____.

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