An example of a macroeconomic model is one that considers
a. how the price of chicken influences the quantity of chicken bought.
b. why the size of the total national output depends on the size of total spending.
c. how the output of a product is influenced by the cost of production for the product.
d. All of these.
b. why the size of the total national output depends on the size of total spending.
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Changes in which of the following shift the short-run Phillips curve?
i. changes in the natural unemployment rate ii. changes in the expected inflation rate iii. changes in the inflation rate A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
If a $74 billion increase in autonomous expenditure increases equilibrium expenditure by $150 billion, then the multiplier must be
a) $225 billion b) 0.5 c) $75 billion d) 2