A glass company making windows for houses also makes windows for other things (cars, boats, stores, etc.). We would expect its supply curve for house windows to be:
A. Dependent on the demand for boat and plane windows
B. No different than that of firms which only make those windows
C. Relatively more elastic than those of firms which only make house windows
D. Relatively more inelastic than those of firms which only make house windows
C. Relatively more elastic than those of firms which only make house windows
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If Congress authorized the President to lower tax rates or to initiate spending projects when aggregate demand was inadequate, which consequence could be predicted most confidently?
A) Aggregate spending would be more stable over time. B) Recessions would be less severe. C) Recessions would occur less frequently. D) The political power of the President would increase. E) We would experience a lower rate of inflation.
In the Keynesian model, short-run equilibrium occurs
A) where the IS and LM curves intersect. B) where the IS curve, LM curve, and FE lines intersect. C) where the IS curve intersects the FE line. D) where the LM curve intersects the FE line.