Since World War II the U.S. ________
A) has seen a substantial increase in the inflation rate
B) has seen less frequent periods of deflation
C) has seen a significant upward trend in real GDP
D) all of the above
E) none of the above
D
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In the basic closed-economy ISLM model, the goods market equilibrium condition is
A) output = consumption + investment + government spending. B) output = consumption + investment + government spending - tax. C) output = consumption + investment + government spending + net export. D) output = potential output.
A demand curve represents a(n)
A) direct relationship between price and quantity demanded. B) direct relationship between price and demand. C) indirect or inverse relationship between price and quantity demanded. D) indirect or inverse relationship between price and supply.