(05.04 MC) The sum of government purchases and transfer payments for a given year is $1.2 trillion, while total government revenue was $1 trillion. If in the following year, the government spent more and took in less revenue, which of the following would be true?

(05.03 MC) If the money supply in an economy is $240 billion and the nominal GDP is $960 billion, then how many times is the average dollar in the economy spent?

(06.05 HC) Assume that a country X engages in activities that lead to a depreciation of its currency. What is the impact of currency depreciation on net exports of a country?

(03.08 MC) When the government wants to ________ the economy, it will ________ taxation to help ________ aggregate demand and output.

(05.06 MC) With the advancement in technology and an increase in labor productivity, the output of an economy increases. How is this phenomenon analogous to the outward shift of the long-run aggregate supply curve?

(04.05 MC) The central bank decides to increase the money supply by $500 million in the economy by decreasing the discount rate to 4%. Which of the following is true about the nominal interest rate in the economy?

(05.02 MC) Use the graph to answer the question that follows.In the accompanying graph, the long-run Phillips curve has shifted from LR to LR′. Which of the following could explain this shift?

(05.06 LC) How is economic growth best described or summarized?

(03.02 MC) If the marginal propensity to consume is .75 (or 75%), which of the following is true?

(03.07 MC) An economy in long-run equilibrium experiences a significant negative supply shock. If the government takes no action to address this, what would occur in the short run?